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interactive markets General Terms February 20011 Revision 002 Master _2_

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					General Terms

Index

Heading                                                                                                      Clause Number

Structure                                                                                                                         1

Definitions                                                                                                                       2 and 51

Important Information                                                                                                             3

Our rights                                                                                                                        4

Account numbers, passwords and log-in                                                                                             5

Classification                                                                                                                    6

Placing and acceptance of bets and trades                                                                                         7

Prices                                                                                                                            8

Initial Margin                                                                                                                    9

Minimum and maximum stakes/trades                                                                                                 10

Other charges and adjustments relating to spread bets                                                                             11

Other charges and adjustments relating to cfds and Spot Forex                                                                     12

Variation Margin                                                                                                                  13

Closure of bets and trades
                                                                                                                                  14

Orders
                                                                                                                                  15

             - General                                                                                                            15.1-15.4

             - Order Types                                                                                                        15.5

              -Execution of Orders                                                                                                15.6-15.8

Calculation of profits and losses                                                                                                 16

Payments of Profits and Losses                                                                                                    17

Administrative Provisions                                                                                                         18

Client re-classification                                                                                                          19

Our right to close your Account                                                                                                   20

Our right to suspend your Account                                                                                                 21

Our right to close or void your bets and trades; to cancel Orders                                                                 22

Variation of IM Factors, stake/trade sizes and spreads                                                                            23

Specifications and rules                                                                                                          24

Interest on late payments and costs                                                                                               25

Netting                                                                                                                           26

Currency                                                                                                                          27

Compliance with law                                                                                                               28
                                                                                                                                               th
interactive markets is a trading name of GFT Global Markets UK Ltd., Subsidiary of Global Futures & Forex, Ltd. Its registered office is 34 Floor
(CGC 34-03), 25 Canada Square, London, E14 5LQ . Registered in England and Wales, Company Number 5394757

Authorised and Regulated by FSA.
                                                                      interactive markets General Terms July 2010 Revision: 001
                                                                                                                                              Page 1 of 37
Events Outside Our Control and Market Disruption Events                                                                           29

Insolvency                                                                                                                        30

Errors                                                                                                                            31

Corporate Action                                                                                                                  32

Client Money                                                                                                                      33

Interest                                                                                                                          34

Complaints and Disputes                                                                                                           35

Representations and Warranties                                                                                                    36

Regulatory Requirements                                                                                                           37

Market Abuse                                                                                                                      38

Data Protection                                                                                                                   39

Software                                                                                                                          40

Alteration of Terms                                                                                                               41

Communications                                                                                                                    42

Termination                                                                                                                       43

Limitation and Liability                                                                                                          44

Waiver etc                                                                                                                        45

Cumulative Rights                                                                                                                 46

Severance                                                                                                                         47

Rights of Third Parties                                                                                                           48

Assignment                                                                                                                        49

Whole Agreement                                                                                                                   50

Definitions                                                                                                                       2 and 51

Law and Jurisdiction                                                                                                              52

Regulation of interactive markets                                                                                                 53




                                                                                                                                              th
interactive markets is a trading name of GFT Global Markets UK Ltd., Subsidiary of Global Futures & Forex, Ltd. Its registered office is 34 Floor
(CGC 34-03), 25 Canada Square, London, E14 5LQ . Registered in England and Wales, Company Number 5394757

Authorised and Regulated by FSA.
                                                                      interactive markets General Terms July 2010 Revision: 001
                                                                                                                                             Page 2 of 37
1.         Structure

1.1        When we engage in spread betting, cfd or Spot Forex trading with you, we do so on the basis of: -

                             x     these terms, called the General Terms. The General Terms apply to spread betting, cfd and
                                   Spot Forex trading;

                             x     the Spread Terms, in relation to spread betting;

                             x     the CFD and Spot Forex Terms, in relation to cfd and Spot Forex trading;

                             x     the Market Information Sheets.

Copies of all the above are available on www.interactivemarkets.co.uk and from our Customer Services Team by emailing
support@interactivemarkets.co.uk

2.         Definitions

2.1        Words with capital letters have particular meanings. Please refer to clause 51.

3.         Important Information

3.1        There are some matters we wish to specifically draw to your attention, as follows: -

           x     Risk: Spread betting, cfd and Spot Forex trading involves a high degree of risk and is not suitable for everyone.
                 Your losses can be unlimited. No deposit or other amount you have paid to us (such as Initial Margin or
                 Variation Margin) will limit your losses. You can place Orders to limit your losses. See clause 15.

           x     Enforcement: Transactions in relation to spread bets, cfds and Spot Forex trading are legally enforceable.
                 This means, for example, that we can take legal action to recover money you owe us.

           x     Internet Dealing: interactive markets deals via Dealing On-line. Although in exceptional circumstances (see
                 clause 7.10) we may deal with you over the telephone you must be prepared to deal with us by Dealing On-line
                 only. Therefore you must make sure you have the facilities (in particular e-mail and internet access) to enable
                 you to Deal On-line. At the date of publication of the Terms, interactive markets trader® includes the system
                 known as interactive markets web®. Each of these systems provides different functionality. Full functionality is
                 provided by interactive markets trader®. interactive markets web® may provide less functionality than interactive
                 markets trader®. If any particular function is not provided by interactive markets web®, you will need to use
                 interactive markets trader®. All provisions of the Terms should be construed accordingly.

           x     Responsibility: You are responsible for everything you do or omit to do.                                         You must monitor your open
                 positions. Please see clause 3.6.

           x     Closure: We have the right to close open positions in certain circumstances; (see the summary table of our
                 rights at clause 4.1). If you wish to maintain open positions, you may be required to make payment to us at short
                 notice.

           x     Terminology: Dealing in spread bets, cfds and Spot Forex involves using terminology specific to the Market.
                 Unless you understand the terminology you should not deal. Please see clause 3.6

           x     Electronic Communications:      You specifically consent to us communicating with you via electronic
                 communications, such as via www.interactivemarkets.co.uk, interactive markets trader® or e-mail.

           x     The Terms: The Terms will bind you and will govern the operation of your Account. It is in your own best
                 interests to read and understand the Terms before you apply to open an Account. If there is anything you do
                 not understand or do not want to agree to or if you think anything is missing, please contact our Customer
                 Services Team. Also, if we have told you something you have relied on, but it is not in the Terms, please
                 inform our Customer Services Team. However, nothing else will form part of the contract between us unless
                 we have agreed in writing with you that it binds us and you.

           x     Understanding: It is in your own best interests to understand the nature of the spread betting, cfd and/or Spot
                 Forex trading you propose to carry on. If there is anything you do not understand, please contact our Customer
                 Services Team. In particular it is in your own best interests to ensure you understand: -

                 o     how you make a profit or a loss. See clause 16;

                 o     how to calculate amounts you have to pay, such as losses, Initial Margin and Variation Margin (and when
                       to pay those amounts). See clauses 9, 13, 16 and 17;

                 o     the circumstances in which we are entitled to close your open positions, (see the summary table of our
                       rights at clause 4.1);

                 o     how to open and close a bet/trade. See clauses 7 and 14;
                                                                                                                                                      th
interactive markets is a trading name of GFT Global Markets UK Ltd., Subsidiary of Global Futures & Forex, Ltd. Its registered office is 34 Floor
(CGC 34-03), 25 Canada Square, London, E14 5LQ . Registered in England and Wales, Company Number 5394757

Authorised and Regulated by FSA.
                                                                      interactive markets General Terms July 2010 Revision: 001
                                                                                                                                                     Page 3 of 37
                 o     how to place an Order. See clause 15;

                 o     how Orders operate. See clause 15.

                                   Please also refer to clause 3.6.

           x      Third Party Accounts: The fact that you may bet or trade with anyone else will not affect your dealings with
                  interactive markets.

           x      Tax: In relation to tax: -

                  o    we are not providing tax advice. We will not advise you of existing tax laws or changes to tax laws;

                  o    it is up to you to obtain your own tax advice;

                  o    your tax situation will depend on, for example, your personal circumstances and the tax jurisdiction that
                       applies to you;

                  o    tax treatment may well change in the future;

                 o     you are responsible for any and all taxes (including stamp duty and capital gains tax) payable by you in
                       connection with your bets, trades and other transactions. If we have to pay any of these on your behalf,
                       you must repay us.

           x     Payments by you to interactive markets: All amounts payable by you to interactive markets must be paid in
                 your Base Currency; this includes Initial Margin, Variation Margin, commission, financing charges and losses.
                 See clause 27 in relation to currency conversion. If you pay us in a currency other than your Base Currency, we
                 will convert into your Base Currency in accordance with clause 27 and charge you any costs we incur.

          x      Base Currency: Please note that for the purpose of calculating your Cash and all other relevant matters we will
                 convert any relevant currencies into your Base Currency. Please refer to clause 27.3.

           If in doubt do not bet or trade and take independent financial, tax and/or legal advice.

3.2        If you open an Account with us, you consent to: -

           x     our Execution Policy. This provides information on (among other matters) price construction, costs and charges
                 payable by you, execution venues and how bets/trades are executed;

           x     our Risk Warning Notice.

3.3        interactive markets:-

           x     acts as principal;

           x     does not give advice; in particular we do not give advice as to the merits or otherwise of your bets or trades. We
                 have no regard as to the effect of your bet/trade on your overall positions with us. All bets and trades are either
                 a buy or sell, regardless of whether they open or close a position;

           x     is not obliged to monitor your bets or trades. In addition we have no obligations to assess or advise whether the
                 type of betting/trading you wish to carry on is suitable for you.

3.4        We are obliged under COBS to assess whether spread betting, cfd trading and/or Spot Forex trading (as relevant) is
           appropriate for you. To do this we will rely on you to provide us with the information we request. If there is any
           material change to that information you must tell us as soon as practicable. If we consider (on the basis of the
           information you have provided) that spread betting, cfd trading and/or Spot Forex trading (as relevant) is not
           appropriate for you, we will warn you. If you do not provide any information to enable us to assess appropriateness,
           or if the information you have provided is insufficient to enable us to do so, we will warn you.

3.5        Subject to the obligations under COBS referred to in clause 3.4, you must make independent decisions in relation to
           the following: -

           x     whether or not to open an Account and the type of Account you open;

           x     the type of betting/trading you carry on;

           x     all activities on your Account, for example in relation to all bets/trades and Orders.

3.6        Bearing in mind the above, you need to know the following: -

           x     interactive markets trader® allows you to do the following:-

                                                                                                                                          th
interactive markets is a trading name of GFT Global Markets UK Ltd., Subsidiary of Global Futures & Forex, Ltd. Its registered office is 34 Floor
(CGC 34-03), 25 Canada Square, London, E14 5LQ . Registered in England and Wales, Company Number 5394757

Authorised and Regulated by FSA.
                                                                      interactive markets General Terms July 2010 Revision: 001
                                                                                                                                         Page 4 of 37
                 o     Open and close positions;

                 o     Place Orders;

                 o     View Cash;

                 o     View detailed transaction history;

                 o     View session history;

                 o     View Account history;

                 o     View and customise charting/technical analysis;

                 o     Analyse news/commentary;

                 o     View and, where permitted, amend and cancel current (working) Orders;

                 o     View open positions;

                 o     View Floating P&L;

                 o     View Unrealised P&L;

                 o     View Margin Req;

                 o     View Available Equity;

                 o     View Total Equity;

                 o     View Initial Margin Credit Allocation (this appears as “IMCA” on interactive markets trader®);

                 o     View utilised Initial Margin Credit Allocation (this appears as “UIMCA” on interactive markets trader®);

                 o     View Variation Margin Credit Allocation (this appears as “VMCA” on interactive markets trader®);

                 o     View utilised Variation Margin Credit Allocation (this appears as “UVMCA” on interactive markets trader®).
                                                                rd
                 Please note that, as mentioned in the 3 bullet point of clause 3.1, full functionality is provided by interactive
                 markets trader®. The other elements of interactive markets trader® may provide less functionality.

           x     The Market Information Sheets contain product information, such as available Markets, trading hours, minimum
                 and maximum stake/trade sizes and spreads. The Market Information Sheets are available on
                 www.interactivemarkets.co.uk

            x    interactive markets’ Customer Services Team is available (on the telephone) to discuss any questions you may
                 have or to provide information, in the event that you do not have access to interactive markets trader®. They
                 can also be contacted by e-mail using support@interactivemarkets.co.uk.

            x    www.interactivemarkets.co.uk explains how spread betting, cfd and Spot Forex trading operate; it also gives
                 working examples and explains some terminology. Our Customer Services Team will also be able to give you
                 general explanations.

            x    You can place Orders to limit your losses, see clause 15.

            x    interactive markets trader® will display "Net Change"; this will be the most recent official closing price of the
                 relevant Underlying (except if that is not available – as to which see below) minus the current interactive
                 markets’ mid price (for the relevant Market). For the purpose of calculating Net Change: -

                 o     if the official closing price of the relevant Underlying is not available, when calculating Net Change we will
                       (in place of that price) use the interactive markets mid price for the relevant Market at closure of the
                       Underlying; however there are three exceptions to this, as follows: -

                       ƒ     in the case of Markets relating to Spot Forex and foreign exchange, we use the Sell Price at 00.00
                             GMT;

                       ƒ     in the case of Markets relating to spot gold, we use the interactive markets mid price at 13.30 CST;

                       ƒ     in the case of Markets relating to spot silver, we use the interactive markets mid price at 13.25 CST;

                 o     where we refer to the interactive markets mid price for a Market, this means the mid price between the
                       interactive markets Sell Price and the interactive markets Buy Price for the relevant Market.


                                                                                                                                          th
interactive markets is a trading name of GFT Global Markets UK Ltd., Subsidiary of Global Futures & Forex, Ltd. Its registered office is 34 Floor
(CGC 34-03), 25 Canada Square, London, E14 5LQ . Registered in England and Wales, Company Number 5394757

Authorised and Regulated by FSA.
                                                                      interactive markets General Terms July 2010 Revision: 001
                                                                                                                                         Page 5 of 37
 3.7       In spread betting, cfd and Spot Forex trading, you are placing bets and trades in relation to interactive markets Price
           movements. You are not, for example, acquiring the Underlying nor any delivery obligations in relation to it.
           However, the holder of a forex Option that expires in the money will acquire a Pos ition Based Forex position with the
           associated liabilities for Initial Margin and potential Variation Margin.


4.         Our rights

4.1        We have a number of rights that we think it particularly important to draw to your attention. Also, there are a number
           of clauses that exclude or limit our liability to you. These are as follows (but please note that we have not lis ted all
           our rights nor all the exclusions or limits, we have just listed the ones that seem to us most material): -

                                   Our Right                                            Clause number (General Terms, unless
                                                                                                otherwise indicated)
           To reject your proposed bets/trades                                7.6

           To change interactive markets Prices and spreads                   8.4, 23.1, 29.1, 30.1 and 32.1

           To change IM Factors                                               23.1, 29.1, 30.1 and 32.1

           To change minimum and maximum stake/trade                          23.1, 29.1, 30.1 and 32.1
           sizes

           To re-classify you                                                 19

           To close your Account                                              20

           To suspend your Account                                            21

           To close/void your open positions; to cancel Orders                20.3, 21.2 (final bullet point), 22.2, 29 to 32
                                                                              (inclusive) and 38.3, also 8.10 of the Spread Terms
                                                                              and 9.10 of the CFD and Spot Forex Terms

           To change specifications and rules                                 24

           To charge interest                                                 25

           In the case of an Event Outside Our Control                        29

           In the case of a Market Disruption Event                           29

           In the case of an Insolvency Event                                 30

           In the case of Manifest Error                                      31

           In the case of Corporate Action                                    32


5.         Account numbers, passwords and log-in

5.1        In order to open an Account with interactive markets you will need to complete an Application Form. We rely on the
           information you provide, not only when we consider your application, but also when we assess appropriateness
           (clause 3.4), classify (see clause 6) and deal with you. It is therefore very important that you tell us immediately if
           there is any material change in the information you have provided to us; for example, if you change address (postal
           or e-mail), if there is a material change in your financial status or if your bank, credit card or other like details change.

5.2        If we accept your application we will allocate you: -

                 x     a log-in;

                 x     an Account number;

                 x     a password.

           In addition, as part of the application process, we will ask you some security questions and record your answers. At
           any time when dealing with you we may ask you those security questions; we are entitled to refuse to deal with you if
           you do not answer them correctly.

           Please also refer to clause 7.2.

5.3        If we have opened an Account for you in your name and the name of another person, you will both be allocated the
           same log-in, Account number and password (though, because of the nature of the security questions the correct
           responses for each of you may differ). You will both be jointly and severally responsible for the Account; for example,
                                                                                                                                          th
interactive markets is a trading name of GFT Global Markets UK Ltd., Subsidiary of Global Futures & Forex, Ltd. Its registered office is 34 Floor
(CGC 34-03), 25 Canada Square, London, E14 5LQ . Registered in England and Wales, Company Number 5394757

Authorised and Regulated by FSA.
                                                                      interactive markets General Terms July 2010 Revision: 001
                                                                                                                                         Page 6 of 37
           we can take action against either of you or both of you for any amount due. Also, we can act on the instructions of
           either of you without having to first check with or tell the other.

5.4        Tell us immediately if you think anyone is dealing on your Account or has ascertained your log-in, Account number,
           password or security answers. See clause 7.2 (final paragraph) in relation to your liability for unauthorised
           bets/trades.

6.         Classification

6.1        We will classify you as a Retail Client, Professional Client or Eligible Counterparty. As long as we comply with the
           Regulatory System we can re-classify you, see clause 19.


7.         Placing and acceptance of bets and trades

7.1        interactive markets deals via Dealing On-line. Except as permitted by clause 7.10 all bets, trades, Orders and other
           transactions must be placed by Dealing On-line.

7.2        You can only deal: -

           x     in the case of Dealing On-line using your log-in, password and correctly answering any security question we
                 may ask you;

           x     in the case of telephone dealing (as permitted by clause 7.10) using your name, Account number and correctly
                 answering any security question we may ask you;

           x     during our trading hours for the relevant Market (see clause 7.3).

           Please note that we will deal with anyone who provides the details referred to above. You can access interactive
           markets trader® from any domain and we will not recognise or verify the domain from which instructions are sent. In
           the case of telephone dealing, we cannot be expected to recognise your voice. You are responsible for everything
           done or omitted using the information referred to above (including positions opened or closed and Orders placed),
           but we will pay you the direct losses you suffer because someone has access to your Account as a direct result of
           our negligence.

7.3        Before you offer to place a bet or trade make sure you know the applicable trading hours and understand all the
           specifications/rules that apply to that bet/trade. Please refer to the Market Information Sheets.

           The Market Information Sheets also set out our trading hours for each Market. Please note that we can vary our
           trading hours with or without giving you prior notice (though we would, unless not practicable in the circumstances,
           give you prior notice before changing our trading hours in relation to your open positions). In addition, our trading
           hours will vary according to public holidays and trading hours of the Underlying. If a Market is closed or not tradable
           interactive markets trader® will not permit you to place any bet/trade or Order.

           If you are unsure either do not place the bet/trade or contact us via interactive markets trader® or our Customer
           Services Team and ask for clarification. In any case, do not bet/trade unless you are sure you understand what you
           are doing.

7.4        To place a bet or trade you first have to make us an offer to bet or trade; that offer is subject to acceptance by us –
           see clause 7.6. You will only have placed a bet or trade if we accept your offer. The following apply: -

           x     you can offer to place an “up” bet/trade at the interactive markets Buy Price. If accepted this will be an “up”
                 bet/trade, also known as a buy or a long position. In the case of Options if you place an “up” trade on a Call you
                 will want the price of the underlying to rise, but if you place an “up” trade on a Put you will want the price of the
                                                                                         rd
                 underlying to fall. As to the interactive markets Buy Price see the 3 bullet point below and clause 8;

           x     you can offer to place a “down” bet/trade at the interactive markets Sell Price. If accepted this will be a “down”
                 bet/trade, also known as a sell or a short position. In the case of Options if you place a “down” trade on a Call
                 you will want the price of the underlying to fall, but if you place a “down” trade on a Put you will want the price of
                                                                                            rd
                 the underlying to rise. As to the interactive markets Sell Price see the 3 bullet point below and clause 8;
           x     in any case (and except for Orders under clause 15), your offer to bet/trade (as above) must be on a “direct
                 deal” or “market order” basis, as follows: -

                 o     “direct deal” means that (if the offer to bet or trade is accepted) you will have placed a bet or trade at the
                       interactive markets Buy Price or the interactive markets Sell Price (as appropriate) current at the time you
                       made the offer to bet or trade. If (by the time we receive your offer to bet or trade) the interactive markets
                       Buy Price or the interactive markets Sell Price (as appropriate) is no longer valid, your offer to bet or trade
                       will be rejected and you will need to make a further offer to bet or trade at our then current interactive
                       markets Buy Price or interactive markets Sell Price (as appropriate);




                                                                                                                                          th
interactive markets is a trading name of GFT Global Markets UK Ltd., Subsidiary of Global Futures & Forex, Ltd. Its registered office is 34 Floor
(CGC 34-03), 25 Canada Square, London, E14 5LQ . Registered in England and Wales, Company Number 5394757

Authorised and Regulated by FSA.
                                                                      interactive markets General Terms July 2010 Revision: 001
                                                                                                                                         Page 7 of 37
                 o     “market order” means that (if the offer to bet or trade is accepted) you will have placed a bet or trade at the
                       interactive markets Buy Price or the interactive markets Sell Price (as appropriate) which is current at the
                       time we execute your bet/trade. Please note that the interactive markets Buy Price or the interactive
                       markets Sell Price (as appropriate) may move between the time we accept your offer to bet or trade and
                       execution. If you offer to bet or trade on a “market order” basis you are accepting the risk in relation to
                       those interactive markets Price movements;

           x     you can also offer to bet or trade by placing an Order in accordance with clause 15.

           With the exception of Options which are restricted to “market order” and only the “stop” and “limit” orders detailed
           under clause 15, the betting/trading process on interactive markets trader® allows you the options of “direct deal”,
           “market order” and placing an Order under clause 15. In the circumstances in which you are permitted to bet/trade
           by telephone (see clause 7.10) we will clarify with you whether your offer to bet or trade is on the basis of “direct deal”
           or “market order” or is an Order under clause 15.

           You cannot withdraw any offer you have made to bet or trade, although you can cancel Orders in accordance with
           clause 15.

           All offers to bet or trade are subject to acceptance by us. See clause 7.6.

7.5        In relation to interactive markets Prices, please refer to clause 8.

7.6        We are entitled to refuse to accept an offer to place a bet/trade, but we will act reasonably. We are also entitled to
           reject your bets/trades in the following circumstances: -

           x     if any amount you owe (e.g. Variation Margin) is overdue;

           x     if any Initial Margin requirement relating to that bet/trade has not been complied with;

           x     if the bet/trade is not at the relevant interactive markets Price in accordance with clauses 7.4 and 8 and/or within
                 the appropriate minimum/maximum stake/trade sizes in accordance with clause 10;

           x     if we reasonably believe the bet/trade would breach the Terms or any law (English or elsewhere) or the
                 Regulatory System or we have reasonable concerns regarding money laundering or insider dealing;

           x     if an Insolvency Event has occurred in relation to you;

           x     you die or become a patient under relevant mental health legislation, or we have reasonable grounds to believe
                 that you have done so;

           x     if (acting reasonably) we think it would not be commercially viable to accept that bet/trade;

           x     if (acting reasonably) we think the bet/trade is too large or too small. For example, we may hedge your
                 bets/trades in the Underlying; depending on the size of your proposed bet/trade our exposure to the Underlying
                 share/equity may amount to a declarable interest in the relevant company and/or require us to make a takeover
                 offer if we think this may occur we are entitled to refuse the bet/trade;

           x     if due to an Event Outside Our Control interactive markets trader® is unable to accept your bets/trades and we
                 are unable to accept them over the telephone.

7.7        As already stated, all bets/trades are a buy or a sell. One of the consequences of this is that you cannot (generally)
           simultaneously hold a buy and a sell in the same Market (for the same expiry date, where relevant). Whichever
           bet/trade you place first will (usually) be closed in whole or in part by the subsequent bet/trade you place in the same
           Market (for the same expiry date, where relevant) and that subsequent bet/trade may create a new open position. For
           the exceptions, see clause 14.4.

7.8        Depending on the size of any offer to bet/trade, we are entitled to accept and execute it in tranches. This may be
           necessary, for example, to restrict bets/trades in relation to UK equities to NMS.

7.9        If you wish to offer to place a bet/trade, you must do this via interactive markets trader® (save as mentioned in clause
           7.10). www.interactivemarkets.co.uk and interactive markets trader® explain how to place an offer to bet/trade; if
           you are unsure please telephone our Customer Service Team.

           In addition: -

           x     if you wish to check whether any offer to bet/trade has been received by us you must access the working order
                 window on interactive markets trader®; that window will display all the offers we have received from you to place
                 a bet/trade. In addition, the deal ticket on interactive markets trader® will also show if you have submitted an
                 offer to us;

           x     if your offer to place a bet/trade has been accepted, the details of the bet/trade will immediately be displayed in
                 the filled orders window on interactive markets trader®. You are responsible for checking whether an offer you
                 have made has been accepted; see in particular clause 7.6 in relation to refusal of your offers.
                                                                                                                                          th
interactive markets is a trading name of GFT Global Markets UK Ltd., Subsidiary of Global Futures & Forex, Ltd. Its registered office is 34 Floor
(CGC 34-03), 25 Canada Square, London, E14 5LQ . Registered in England and Wales, Company Number 5394757

Authorised and Regulated by FSA.
                                                                      interactive markets General Terms July 2010 Revision: 001
                                                                                                                                         Page 8 of 37
           In the circumstances in which a bet/trade can be placed by telephone (see clause 7.10) that bet/trade will only be
           accepted if the interactive markets dealer tells you it is accepted.

           You must contact us immediately (via interactive markets trader® or by telephone) if you have any concerns as to
           whether a bet/trade (or any other transaction, such as an Order) has been accepted.

7.10       As already stated, our business is conducted via interactive markets trader®. You may only contact us by telephone
           (to bet, trade, place an Order or conduct any other transaction) if for any reason betting/trading (or other transaction)
           facilities are not available via interactive markets trader® and/or you have made reasonable efforts to access
           interactive markets trader® but are unable to do so. In these circumstances you may telephone our dealing desk.
           You cannot place a bet/trade or Order or give any other instruction by leaving a message on any answer phone or
           voicemail facility we may make available. All provisions of the Terms apply to dealing over the telephone as they do
           to Dealing On-line.


8.         Prices

8.1        For each Market we quote interactive markets Prices as follows: -

           x     the interactive markets Buy Price, this is the higher price for the Market concerned (and with the exception of
                 some Options markets, a bet/trade placed at this price is an “up” bet/trade; see clause 7.4);

           x     the interactive markets Sell Price, this is the lower price for the Market concerned (and with the exception of
                 some Options markets, a bet/trade placed at this price is a “down” bet/trade; see clause 7.4).

           The difference between the interactive markets Prices on any given Market is the spread.

8.2        Current interactive markets Prices are available on interactive markets trader® and from the interactive markets
           dealing desk. Spread bets and spread bet Orders will be denominated in your Base Currency. CFD and Spot Forex
           trades (and cfd and Spot Forex Orders) will be denominated in the “base” currency of the relevant Market, as
           specified in the Market Information Sheets.

8.3        Indications of spreads on particular Markets can be found in the Market Information Sheets. When setting interactive
           markets Prices we reserve the right to add the spread of the Underlying to the interactive markets Price, in particular
           in the case of an Event Outside Our Control and/or a Market Disruption Event.

           We have the right to vary spreads, see clauses 23.1, 29.1, 30.1 and 32.1.

8.4        The following apply in relation to interactive markets Prices: -

           x     interactive markets Prices are set by us in our absolute discretion;

           x     we can change or withdraw a interactive markets Price at any time and in particular can do so at any time before
                 your offer to bet/trade on that interactive markets Price has been accepted;

           x     you cannot bet/trade on an interactive markets Price which is no longer valid. interactive markets trader® will
                 make clear if an interactive markets Price has ceased to be valid (e.g. by giving a different interactive markets
                 Price or otherwise clearly indicating that it is no longer valid). In the case of dealing over the telephone the
                 interactive markets dealer will tell you if an interactive markets Price has changed or is no longer valid. For
                 example he might say “change”, “off” or “interrupt”;

           x     when dealing on the telephone you can only deal on an interactive markets Price during the same conversation
                 in which the interactive markets Price was given to you;

           x     some interactive markets Prices are just given for guidance proposes and you cannot bet/trade on these. Again
                 it will be made clear if that is the case.

8.5        You can place a bet/trade in whatever currency we accept for the relevant Market. Please refer to interactive
           markets trader® and the Market Information Sheets.

8.6        All bets/trades are subject to acceptance by us. See clause 7.

9.         Initial Margin

9.1        Initial Margin is due to interactive markets on each opening bet/trade you place. Initial Margin must be maintained in
           respect of all open positions.

9.2        Initial Margin is calculated differently for spread bets, cfds and Spot Forex.

           x     For spread bets, please refer to clause 3 of the Spread Terms.

           x     For cfds and Spot Forex, please refer to clause 3 of the CFD and Spot Forex Terms.
                                                                                                                                          th
interactive markets is a trading name of GFT Global Markets UK Ltd., Subsidiary of Global Futures & Forex, Ltd. Its registered office is 34 Floor
(CGC 34-03), 25 Canada Square, London, E14 5LQ . Registered in England and Wales, Company Number 5394757

Authorised and Regulated by FSA.
                                                                      interactive markets General Terms July 2010 Revision: 001
                                                                                                                                         Page 9 of 37
9.3        You must make sure you know how Initial Margin is calculated and the relevant IM Factor for any bet/trade you
           propose to place. IM Factors are in the Market Information Sheets located at www.interactivemarkets.co.uk. If in
           doubt, please contact our dealing desk or Customer Services Team.

9.4        interactive markets can: -

           x     waive Initial Margin in relation to any particular bet/trade;

           x     vary IM Factors for any reason but particularly in respect of any account/s that in interactive markets’ sole
                 discretion is considered to have established large or excessive concentrated risk in respect of any instrument.
                 See clauses 23.1, 29.1, 30.1 and 32.1 and note that the new IM Factor applies to open positions so additional
                 Initial Margin may become due to maintain open positions.

10.        Minimum and maximum stakes/trades

10.1       There are limits on the stake/trade size of any bet or trade you wish to place.

           x     For spread bets, please refer to clause 4 of the Spread Terms.

           x     For cfds and Spot Forex trading please refer to clause 4 of the CFD and Spot Forex Terms.

           You cannot place any bet or trade unless it is within the relevant minimum and maximum stake/trade size.

10.2       We can: -

           x     change minimum and maximum stake/trade sizes, see clauses 23.1, 29.1, 30.1 and 32.1;

           x     waive any minimum or maximum stake/trade sizes;

           x     in particular in the case of equities quoted on a UK exchange, restrict bets/trades to NMS.

10.3       You must make sure you know the current minimum and maximum stake/trade sizes applicable to any bet or trade
           you wish to place. You must also ensure you understand how to calculate maximum stake/trade sizes. In the case
           of spread bets, please refer to clause 4 of the Spread Terms; in the case of cfds and Spot Forex, please refer to
           clause 4 of CFD and Spot Forex Terms. If in doubt, please contact our dealing desk or Customer Services Team.

11.        Other charges and adjustments relating to spread bets

11.1       Daily rolling spread bets incur additional charges. See clause 6.3 of the Spread Terms.

11.2       Adjustments also apply in the case of Corporate Action; see clause 32 relating to Corporate Action.

12.        Other charges and adjustments relating to cfds and Spot Forex

12.1       A financing charge applies to position based Spot Forex trades and some cfd trades. Please refer to clause 6 of the
           CFD and Spot Forex Terms. Commission applies to some cfd trades. Please refer to clause 7 of the CFD and Spot
           Forex Terms.

12.2       Adjustments also apply in the case of Corporate Action; see clause 32 relating to Corporate Action.

13.        Variation Margin

13.1       Variation Margin applies to the Account.

           x     If you have a spread bet Account, please refer to clause 8 of the Spread Terms.

           x     If you have a cfd/Spot Forex Account, please refer to clause 9 of the CFD and Spot Forex Terms.

13.2       The Spread Terms and the CFD and Spot Forex Terms also contain rights of interactive markets to close your
           positions if Variation Margin is not paid when due or your Risk Level or Credit Risk Level reaches a certain point.
           See clause 8.10 of the Spread Terms and clause 9.10 of the CFD and Spot Forex Terms. It is in your best interests
           that you refer to those terms and understand the circumstances in which we can close your positions.

14.        Closure of bets and trades

14.1       With the exception of certain cfds that do not have an expiry date and subject to clause 14.6, a bet/trade will continue
           until its expiry date or the occurrence of the relevant event; it will then be automatically closed. However, this is
           subject to: -

           x     your right to close the bet/trade; see this clause 14;

           x     our right to close the bet/trade; see clauses 20.3, 21.2, 22.2, 29 to 32 (inclusive) and 38.3; 8.10 of the Spread
                 Terms and 9.10 of the CFD and Spot Forex Terms;
                                                                                                                                          th
interactive markets is a trading name of GFT Global Markets UK Ltd., Subsidiary of Global Futures & Forex, Ltd. Its registered office is 34 Floor
(CGC 34-03), 25 Canada Square, London, E14 5LQ . Registered in England and Wales, Company Number 5394757

Authorised and Regulated by FSA.
                                                                      interactive markets General Terms July 2010 Revision: 001
                                                                                                                                        Page 10 of 37
           x     execution of any Order that closes the bet/trade, see clause 15.

14.2       You can close bets/trades as follows: -

           x     you close a sell (or a down) bet/trade by buying at the interactive markets Buy Price current on closing;

           x     you close a buy (or an up) bet/trade by selling at the interactive markets Sell Price current on closing.
                            rd
           See also the 3 bullet point of clause 7.4.

           The above applies regardless of interactive markets Prices or spreads current on opening. In addition: -

           x     unless we specifically agree otherwise, you can only close during our trading hours for the Market;

           x     your maximum stake/trade size (on closing) will be limited to that applicable on closing, regardless of the
                 maximum stake/trade size that applied on opening. Consequently, you may need to execute more than one
                 closing bet/trade in order to completely close an open bet/trade and the interactive markets Price of each
                 closing bet/trade may vary considerably.

14.3       For trading hours, please refer to the Market Information Sheets.

14.4       Bets/trades that are open in the same Market for the same expiry date, will normally be closed in the order “First In,
           First Out” (commonly known as “FIFO”) i.e. the first bet/trade to be placed will be the first to be closed. However,
           FIFO does not apply: -

           x     if we have agreed something different with you as to the order in which bets/trades should be closed;

           x     if the bet/trade has a Guaranteed Stop Loss Order which is attached to it.

           The above bets/trades will be closed in accordance with your instructions or the relevant Order, unless you
           specifically close the bet/trade before your instruction or the relevant Order is executed (and subject to our right to
           close the bet/trade as referred to in clause 14.1).

14.5       Bets/trades that expire or are closed automatically will close on the basis of the settlement set out in the Market
           Information Sheets or, if none is set out there, on the basis quoted by us on closure.

14.6       Clauses 5 and 6 of the Spread Terms contain provisions relating to roll-over of futures bets and rolling bets. Clause 5
           of the CFD and Spot Forex Terms contains provisions relating to the roll-over of net based Spot Forex trades.

15.        Orders

General

15.1        Subject to this clause 15, we will accept instructions (“Orders”) to bet/trade when the interactive markets Price
            reaches a certain level. We accept Orders on all Markets except the Markets identified in the Market Information
            Sheets as those in respect of which Orders are not accepted.

15.2        The following apply to all Orders:-

           x     unless specifically agreed otherwise you can only place, cancel and give any other instruction in relation to an
                 Order via interactive markets trader® (or by telephone in the circumstances referred to in clause 7.10);

           x     all terms and conditions that apply to placing bets/trades must be complied with both when you place an Order
                 and when that Order is due to be executed. For example clause 10 in relation to minimum and maximum
                 stake/trade sizes;

           x     we will only accept Orders during our trading hours for the relevant Market (though we reserve the right in our
                 absolute discretion to accept Orders outside those hours);

           x     we have the same right to refuse to accept or execute an Order as we have to r efuse to accept a bet/trade (see
                 clause 7.6). If being entitled to do so we refuse to execute an Order, that Order will be deemed automatically
                 cancelled;

           x     all Orders must be at an execution price set by you and agreed by us;

           x     all Orders must be on terms acceptable to us, acting reasonably;

           x     all Orders are deemed “Good Till Cancelled” or “GTC”. See clause 15.3;

           x     all Orders are deemed “interactive markets’ Quote”/ “Our Quote”. See clause 15.4;

                                                                                                                                          th
interactive markets is a trading name of GFT Global Markets UK Ltd., Subsidiary of Global Futures & Forex, Ltd. Its registered office is 34 Floor
(CGC 34-03), 25 Canada Square, London, E14 5LQ . Registered in England and Wales, Company Number 5394757

Authorised and Regulated by FSA.
                                                                      interactive markets General Terms July 2010 Revision: 001
                                                                                                                                        Page 11 of 37
           x      the price at which we execute Orders is not guaranteed, except in relation to Guaranteed Stop Loss Orders. See
                  clauses 15.6, 15.7 and 15.8;

           x      no Orders are monitored or executed outside interactive markets’ trading hours for the relevant Market;

           x      there is no additional charge or spread in relation to Orders, except for Guaranteed Stop Loss Orders. See
                  clause 15.5;

           x      you must specifically cancel any Order you have placed. Unless you do so, and subject to all other provisions of
                  this clause 15, the Order will be executed;

           x      Orders relating to equities listed on a UK exchange may be restricted to NMS;

           x      Orders relating to equities listed on exchanges other than the London Stock Exchange Plc may be restricted in
                  size depending on liquidity of the relevant equities on the relevant exchange at the time of execution.

15.3           All Orders are “Good Till Cancelled” or “GTC”. This means that the Order will remain in place until the earlier of:-

           x      cancellation by you or as otherwise provided in this clause 15;

           x      execution;

           x      if the Order is a Guaranteed Stop Loss Order, closure of the bet/trade to which that Guaranteed Stop Loss
                  Order is attached. See clause 15.5. This means that all Orders other than Guaranteed Stop Loss Orders
                  remain in place, even if you close any of your open bets/trades;

           x      expiry of the Market to which the Order relates.

15.4        All Orders are “interactive markets’ Quote”/ “Our Quote”. These expressions mean that (subject to clauses 15.6 to
            15.8, execution) the Order will be executed if the relevant interactive markets Price reaches or trades through the
            agreed execution price of the Order; so:-

           x      if you have placed an Order to buy, that Order will be executed if the interactive markets Buy Price reaches or
                  trades through the agreed execution price of the Order ;

           x      if you have placed an Order to sell, that Order will be executed if the interactive markets Sell Price reaches or
                  trades through the agreed execution price of the Order .

Order Types

15.5       We set out below the available types of Orders. Note that not all order types are available in respect of Options and
           no Orders except for Guaranteed Stop Loss Orders can be attached to an existing open position. As a consequence
           (and except for Guaranteed Stop Loss Orders), if you close any of your open bets/trades all Orders you have placed
           will remain in force (subject to clause 15.3). The available Order types are as follows: -

           x      Limit Order: An Order to bet/trade at an execution price (set by you and agreed by us) which is more favourable
                  (to you) than the current interactive markets Price.

           x      Stop Order: An Order to bet/trade at an execution price (set by you and agreed by us) which is less favourable
                  (to you) than the current interactive markets Price.

           x      OCO Order: An Order whereby any two Orders are placed (at the same time), so that when either is executed
                  the other is automatically cancelled.

           x      Parent and Contingent Order: This operates as follows:-

                   o    you place a Limit Order or a Stop Order to open a new position, we call this the parent Order. This parent
                        Order cannot be attached to an existing open position;

                   o    in addition to and at the same time as you place the parent Order, you also place any other Order.
                         However, this “second” Order will only become effective if the parent Order is executed.

            x      Trailing Stop: This operates as follows:-

                  o     you place a Stop Order at a specific distance (“Stop Distance”) from the current interactive markets Price;

                  o     if the interactive markets Price moves favourably to the level of the Stop Order, the Stop Order will move so
                        that the Stop Distance (i.e. as above) is maintained. However, this does not necessarily apply if the
                        interactive markets Price has moved against you and then moves in your favour – see below;
                                                                                                                                          th
interactive markets is a trading name of GFT Global Markets UK Ltd., Subsidiary of Global Futures & Forex, Ltd. Its registered office is 34 Floor
(CGC 34-03), 25 Canada Square, London, E14 5LQ . Registered in England and Wales, Company Number 5394757

Authorised and Regulated by FSA.
                                                                      interactive markets General Terms July 2010 Revision: 001
                                                                                                                                        Page 12 of 37
                 o     if the interactive markets Price moves adversely to the level of the Stop Order:-

                       ƒ     the level of the Stop Order will not move unless (before the Trailing Stop is executed – see below) the
                             interactive markets Price starts to move favourably to the level of the Stop Order. If the interactive
                             markets Price (having moved adversely) does start to move favourably, the Stop Order will remain
                             static unless and until the Stop Distance has been restored. If the Stop Distance has been restored,
                                                                                    nd
                             the level of the Stop Order can then move as per the 2 sub-bullet point (above);

                       ƒ     if the level of the Stop Order is reached, the Stop Order will be executed;

                       ƒ     the gap between the interactive markets Price and the level of the Stop Order cannot be more than
                                                                                                                                   rd
                             the Stop Distance, but it may be less if the interactive markets Price moves adversely – as per the 3
                             bullet point above;

                       ƒ     if the interactive markets Price moves in one direction and then another, the level of the Stop Order
                             may or may not move, as outlined above.

           x     Scale-Out Order: This operates as follows:-


                       x     you place a Market Order, Limit Order or a Stop Order to open a new position, we call this the par ent
                             Order. This parent Order cannot be attached to an existing open position and has to be in a size of
                             more than one lot or contract;

                       x     in addition to and at the same time as you place the parent Order, you can also place one or more
                             OCO Orders. However, these OCO Orders will only become effective if the parent Order is executed.

                       x     Where multiple OCO Orders become effective as a result of the parent Order being executed if either
                             Order of an OCO Order is then executed it is only the other Order in that particular OCO Order that is
                             automatically cancelled, the other OCO orders remain effective.

           x     Guaranteed Stop Loss Order. This is a Stop Order that is attached to a specific bet or trade. If you place a
                 Guaranteed Stop Loss Order, we guarantee the interactive markets Price at which it will be executed. See
                 clause 15.7. The following apply in relation to Guaranteed Stop Loss Orders:-
                       o     these Orders are only available in our absolute discretion and in relation to such Markets as we
                             specify;
                       o     these Orders can only be placed when you place the related bet/trade;
                       o     an additional spread applies;
                       o     these Orders (when placed) cannot be closer to the interactive markets Price than our minimum stop
                             level. See the Market Information Sheets located at (www.interactivemarkets.co.uk) for minimum stop
                             levels;
                       o     we may (in our discretion) agree to change the level of a Guaranteed Stop Loss Order, but the new
                             level cannot be closer to the interactive markets Price than our minimum stop level. We may render
                             an additional charge and/or spread if we do agree to change the level of a Guaranteed Stop Loss
                             Order. We can, in particular, refuse to change the level of a Guaranteed Stop Loss Order if, by
                             changing it, Variation Margin would become payable;
                       o     if you close all or part of the bet/trade to which the Guaranteed Stop Loss Order is attached, the
                             Guaranteed Stop Loss Order will be deemed cancelled in full or (if you only close only part of the
                             related bet/trade) in part.
Execution of Orders

15.6       The following applies in relation to execution of Orders (other than Guaranteed Stop Loss Orders, as to which see
           clause 15.7) and subject always to clauses 15.2 and 15.3:-

           x     Orders will be executed by interactive markets when it is reasonably able to do so at the first interactive markets
                 Price we are reasonably able to offer. As stated in clause 15.2 no Orders are monitored or executed outside
                 interactive markets trading hours for the relevant Market. So if the Underlying trades outside our trading hours,
                 the interactive markets Price at which an Order may be executed may be very different to the agreed execution
                 price of the Order;

           x     note that in times of volatility of the Underlying and at the opening and closing of an Underlying, the interactive
                 markets Price at which an Order may be executed may be considerably different to the agreed execution price
                 of the Order;

           x     if the Underlying opens through or trades through the agreed execution price of an Order (known as “gapping”),
                 we will execute at the first interactive markets Price we are reasonably able to offer;

                                                                                                                                          th
interactive markets is a trading name of GFT Global Markets UK Ltd., Subsidiary of Global Futures & Forex, Ltd. Its registered office is 34 Floor
(CGC 34-03), 25 Canada Square, London, E14 5LQ . Registered in England and Wales, Company Number 5394757

Authorised and Regulated by FSA.
                                                                      interactive markets General Terms July 2010 Revision: 001
                                                                                                                                        Page 13 of 37
           x     in relation to Markets quoted outside the trading hours of the Underlying, Orders may be filled at the interactive
                 markets Price we consider reasonable.

           The exceptions to the above are: -

           x     if we have agreed something different with you;

           x     if the agreed execution price for an Order is reached outside our trading hours for the relevant Market but (by
                 the time our trading hours re-commence) the interactive markets Price has moved so that the agreed execution
                 price is not (when our trading hours re-commence) reached or exceeded. In this case, we will not execute the
                 Order when we re-commence trading; it will remain in force subject to all other provisions of this clause 15.

15.7      In the case of a Guaranteed Stop Loss Order, that Order will be executed at the agreed execution price, even if the
          Market gaps and regardless of interactive markets Global Markets’ trading hours.
15.8      The following restrictions apply in relation to the execution of Orders, except Guaranteed Stop Loss Orders:-

           x     Orders that relate to UK equities may be restricted to NMS;

           x     Orders relating to equities listed on exchanges other than the London Stock Exchange Plc may be restricted in
                 size depending on liquidity of the relevant equities on the relevant exchange at the time of execution;

           x     Orders will be subject to the maximum stake/trade size applicable on execution;

           x     in the case of Limit Orders if there is insufficient liquidity in the Underlying to enable us to provide an interactive
                 markets Price for execution of the entire Limit Order, we are entitled to execute the Limit Order in tranches; (see
                 below) or to refrain from executing the Limit Order until we are able to provide an interactive markets Price for
                 execution of the whole Limit Order.

           Orders subject to the above restrictions may be executed in tranches at different interactive markets Prices in
           accordance with the above restrictions; the interactive markets Price at which each tranche is executed may vary
           considerably. If we have executed part of your Order (as mentioned above) you are entitled to cancel any part of the
           Order that has not been executed.

Strategies

15.9       Dealbook® provides you with the ability to employ the following strategies in respect of the Forex Options that
           interactive markets offer.

           x     Risk Reversal;

           x     Straddle;

           x     Strangle;

           x     Vertical.

           These strategies enable you to employ a combination of different orders as a set strategy. The “About Strategy”
           information available in DealBook® is provided as general information for purposes of helping customers understand
           the mechanics and potential results of using such combinations of different order types. The information is not
           intended to be a solicitation or recommendation to place trades or to use certain order types or strategies and it
           remains your responsibility to independently evaluate the market prior to making trading decisions.


16.     Calculation of profits and losses

16.1       Profit and losses are calculated differently for spread bets, cfds and Spot Forex, adding or deducting amounts in
           relation to specific bets/trades. Accordingly: -

           x     in the case of spread bets, please refer to clause 7 of the Spread Terms;

           x     in the case of cfds and Spot Forex, please refer to clause 8 of the CFD and Spot Forex Terms;

           x     your profit or loss in relation to a cfd (except a foreign exchange cfd) will be measured in the base currency of
                 the relevant Market (as specified in the Market Information Sheets) (and then, if necessary, converted into your
                 Base Currency);

           x     in the case of Spot Forex and foreign exchange cfds but excluding Forex Options, the profit or loss will be
                                                               nd
                 measured in the “counter” currency, i.e. the 2 named currency of the currency pair (and then, if necessary,
                                                                                                                                          th
interactive markets is a trading name of GFT Global Markets UK Ltd., Subsidiary of Global Futures & Forex, Ltd. Its registered office is 34 Floor
(CGC 34-03), 25 Canada Square, London, E14 5LQ . Registered in England and Wales, Company Number 5394757

Authorised and Regulated by FSA.
                                                                      interactive markets General Terms July 2010 Revision: 001
                                                                                                                                        Page 14 of 37
                                                                                                                                                    st
                 converted into your Base Currency). Profit or loss in the case of Forex Options will be measured in the 1
                 named currency of the currency pair (and then, if necessary, converted into your Base Currency).

16.2       The following apply in relation to profits and losses: -

           x     profits on closed positions will be credited to your Cash;

           x     losses on closed positions will be debited from your Cash;

           x     in the case of position based Spot Forex, the profit or loss on a closed position will not be reflected in your Cash
                             nd
                 until the 2 day after the trade has been closed (excluding the day of closure). During this time that profit or
                 loss will form part of your Unrealised P&L.

16.3       All amounts payable by you to us will be deducted from your Cash. Likewise, we can credit to your Cash any
           amounts we owe you or any adjustments to which you are entitled.

16.4       Profits and losses on open positions will not be credited to or debited from your Cash.

16.5        Marked to Market profits and losses are taken into account in the calculation of Variation Margin and in assessing
            whether we will close bets or trades. See clause 8 of the Spread Terms and clause 9 of the CFD and Spot Forex
            Terms.
16.6       It is in your own best interest to make sure you know how to calculate profits and losses and what amounts will be
           added or deducted in relation to your bets/trades. All the information you need to do so is available from the Market
           Information Sheets and interactive markets trader®. If you are in any doubt, please contact our Customer Services
           Team.


17.        Payments of Profits and Losses

17.1       We can retain: -

           x     any amount you owe us in respect of the Account e.g. realised losses, Initial Margin and Variation Margin;

           x     amounts to cover Marked to Market losses;

           x     any Unrealised P&L;

           x     any other amounts you owe us under these Terms;

           x     any and all amounts on your Account pending receipt by us of the originals of any Account opening
                 documentation (including in relation to money laundering regulations), if you only supplied us with copies when
                 we opened your Account;

           x     any amount you owe us in relation to any other Account you have with us or on any other grounds.

 17.2      We will retain the amounts referred to in clause 17.1. If you have positive Cash (in excess of the amounts referred to
           in clause 17.1), we will make that excess positive Cash available f or withdrawal and the amount payable will be sent
           on request in your Base Currency. Please note that any profits which are part of your Unrealised P&L will not be paid
           to you.

17.3       If you have negative Cash, that negative sum is due and payable by you to us immediately.

17.4       The following applies to all payments by you to interactive markets: -

           x    all payments must be made in your Base Currency. If you pay us in any other currency, we can charge you the
                cost of conversion into that Base Currency, see clause 27.4;

           x    you will only be credited for the net amount received after all deductions, for example, bank charges and any
                other costs of transfer;

           x     if you send payment by cheque we will not credit your Account with the payment until the cheque has cleared.
                 This may take a number of days;

           x     we do not accept cheques drawn on a non-UK clearing bank;

           x     in the case of payment of Variation Margin we only accept payment by telegraphic transfer, debit card or any
                 other method of immediate electronic transfer acceptable to us;

           x     we do not accept payments in cash.

17.5       We can charge interest on late payments see clause 25.1.


                                                                                                                                          th
interactive markets is a trading name of GFT Global Markets UK Ltd., Subsidiary of Global Futures & Forex, Ltd. Its registered office is 34 Floor
(CGC 34-03), 25 Canada Square, London, E14 5LQ . Registered in England and Wales, Company Number 5394757

Authorised and Regulated by FSA.
                                                                      interactive markets General Terms July 2010 Revision: 001
                                                                                                                                        Page 15 of 37
17.6       We do not provide any credit, loan or other financial accommodation to you. Neither an Initial Margin Credit
           Allocation nor any Variation Margin Credit Allocation constitutes any credit, loan or other financial accommodation.

18.        Administrative Provisions

18.1       We will report dealings to you as follows: -

           x     interactive markets trader® will contain full details of all the matters referred to in clause 3.6 so that you can
                 check the status of bets, trades and Orders;

           x     we will provide you with a confirmation of each bet/trade you place and each Order we execute as soon as
                 possible and no later than the next Business Day after you place a bet/trade or we execute an Order for you;

           In addition if you ask us to we will supply you with information about the status of any bet/trade or Order.

 18.2      It is in your own best interests that you regularly access interactive markets trader® to check on all dealings. If you
           think a mistake has been made (e.g. a bet/trade has been recorded that you think is not yours), tell us immediately,
           either via interactive markets trader®, by e-mail using support@interactivemarkets.co.uk or by telephoning our
           Customer Services Team. The sooner we are made aware of a potential problem, the easier we will be able to
           investigate.

19.        Client re-classification

19.1       There may be occasions when we need to review your classification; for example to comply with applicable law or the
           Regulatory System. Accordingly, we reserve the right to review your classification.

19.2       You may request a different client categorisation.

19.3       We will only re-classify you if (in doing so) we comply with the Regulatory System; this includes obtaining your written
           consent or entering into a written agreement with you, if required. In addition, we will give you at least 14 days
           written notice of any re-classification, unless the Regulatory System allows us to give less notice or requires a longer
           period of notice.

20.        Our right to close your Account

20.1       We set out in clause 20.2 the circumstances in which we can close your Account. In clause 20, the notice we may
           give you varies depending on what has happened. However, please note that we may be prevented by law or the
           Regulatory System from giving you notice; in addition law and the Regulatory System may determine when and how
           much notice we can give you; all references to notice in this clause 20 should be construed accordingly. Please also
           refer to clause 28.

20.2       We can close your Account if: -

           x     you die or become a patient under relevant mental health legislation, or we have reasonable grounds to believe
                 that you have done so;

           x     an Insolvency Event occurs in relation to you.

           In the above two bullet points we are not obliged to give you any prior notice, but we would tell you, (or other
           appropriate representatives) that we had closed your Account.

           x     anything you owe us under the Terms (for example Variation Margin or realised losses) has not been paid within
                 30 days of the day it should have been paid.

           In the above case, we will give you at least 14 days written notice prior to closing your Account.

           x     your dealings are of such a type (e.g. size or nature) that we no longer wish to deal with you.

           In the above case we would give you at least 30 days written notice prior to closing your Account.

           x     we have other good grounds for doing so.

           In the above case we will give you 30 days written notice prior to closing your Account.

20.3       The following apply in relation to closure of your Account:-

           x     during the notice period (if any):-

                 o     we will not close your open bets/trades (unless we are otherwise entitled to do so);

                 o     you will not be able to place any new bets, trades or Orders nor to give any other instruction, except insofar
                       as necessary to close a bet/trade or to cancel an Order in place before the start of the notice period. In
                       particular you will not be entitled to place a closing bet/trade or any Order in such a size that would result in
                       a new bet/trade being opened;
                                                                                                                                          th
interactive markets is a trading name of GFT Global Markets UK Ltd., Subsidiary of Global Futures & Forex, Ltd. Its registered office is 34 Floor
(CGC 34-03), 25 Canada Square, London, E14 5LQ . Registered in England and Wales, Company Number 5394757

Authorised and Regulated by FSA.
                                                                      interactive markets General Terms July 2010 Revision: 001
                                                                                                                                        Page 16 of 37
           x     all bets and trades will be closed and all Orders cancelled on the same day that your Account is closed (or as
                 soon as reasonably practicable thereafter);

           x     all bets and trades will be closed at the interactive markets Price;

           x     we can effect closures at any time, but closure will generally be effected approximately one hour before the
                 close of the Underlying or our trading hours for the Market in question;

           x     once your Account has been closed you will no longer be entitled to place any bets, trades or Orders or to
                 otherwise deal on your Account.

21.        Our right to suspend your Account

21.1       In some circumstances we reserve the right to suspend your Account. We set out in clause 21.2 the circumstances
           in which we can suspend and whether notice will be given. However, please note that we may be prevented by law or
           the Regulatory System from giving you notice; in addition, law and the Regulatory System may determine when and
           how much notice we can give you; all references to notice in this clause 21 should be construed accordingly. Please
           also refer to clause 28. If we do suspend your Account it means that: -

           x     bets, trades and Orders (in place prior to the suspension) will not be affected (subject to all other provisions of
                 the Terms);

           x     you will not be able to place any new bets, trades or Orders nor to give any other instruction, except insofar as
                 necessary to close a bet/trade or to cancel an Order in place before the suspension. In particular you will not
                 be entitled to place a closing bet/trade or any Order in such a size that would result in a new bet/trade being
                 opened.

21.2       We can suspend at any time for any good reason as long as we give you at least 14 days written notice that we are
           doing so. Additional circumstances in which we can suspend are set out below and in each of the below we can
           suspend either with or without giving notice. If we give notice, it will be given in writing. If we do suspend without
           giving you notice, we will notify you in writing (as soon as reasonably practicable) that we have done so. The
           additional circumstances in which we can suspend are as follows: -

           x     if we have reasonable concerns in relation to breach of any relevant law (whether English or otherwise) or the
                 Regulatory System;

           x     if we have reasonable concerns relating to money laundering;

           x     if you do not provide information requested in relation to any credit checks;

           x     if you have failed to provide us with the originals of any Account opening documentation (including in relation to
                 money laundering regulations), if you only supplied us with copies when we opened your Account;

           x     if we have reasonable grounds to believe that any material warranty or representation you have made to us (e.g.
                 in clause 36.1) is not true or is misleading in some material respect;

           x     if we have reasonable grounds to believe that you will not be able to pay us anything you owe us, when the time
                 comes for payment;

           x     if any amount you owe us (including Variation Margin) has not been paid on time;

           x     if we have exercised our rights under clause 22 to close, cancel or void your bets, trades or Orders;

           x     if we have reasonable grounds to believe that you are in a material breach of these Terms;

           x     you die or become a patient under relevant mental health legislation, or we have reasonable grounds to believe
                 that you have done so;

           x     an Insolvency Event occurs in relation to you;

           x     if you are persistently abusive when you deal with us.

           In all the above circumstances we will investigate the surrounding circumstances; subject to clause 28, we will allow
           you the opportunity to make comments and we will act diligently to reach a conclusion within 5 Business Days.
           Subject to clause 28, we will then inform you of our decision in writing. The possible outcomes are: -

           x     Re-activation: your Account will be re-activated and you will be able to continue to deal.

           x     Closure: your Account will be closed. In this case we may close with or without notice. Clause 20.3 will apply
                 during any notice period and will apply to closure of your Account. If we give you notice of closure, that notice
                 will be given in writing. If we do not give you notice, we will (subject to clause 28) confirm in writing that your
                 Account has been closed.
                                                                                                                                          th
interactive markets is a trading name of GFT Global Markets UK Ltd., Subsidiary of Global Futures & Forex, Ltd. Its registered office is 34 Floor
(CGC 34-03), 25 Canada Square, London, E14 5LQ . Registered in England and Wales, Company Number 5394757

Authorised and Regulated by FSA.
                                                                      interactive markets General Terms July 2010 Revision: 001
                                                                                                                                        Page 17 of 37
22.        Our right to close or void your bets and trades; to cancel Orders

22.1       We set out in clause 22.2 the circumstances in which we can close or void your bets and trades and cancel Orders.
           We also set out below the notice we may give. However, please note that we may be prevented by law or the
           Regulatory System from giving you notice; in addition law and the Regulatory System may determine when and how
           much notice we can give you; all references to notice in this clause 22 should be c onstrued accordingly. Please also
           refer to clause 28.




22.2       We can: -

           x     close all open positions on your Account and cancel all Orders in accordance with clause 8.10 of the Spread
                 Terms and/or 9.10 of the CFD and Spot Forex Terms;

           x     close any short open position spread bet or cfd trade relating to an Underlying equity, if we are obliged to close
                 any hedging position we have taken in relation to that spread bet or cfd trade (for example, if the Underlying
                 equities are unavailable and/or a buy-in notice is enforced by the relevant exchange);

           x     (in addition to the above rights) close any or all of your open bets/trades and cancel any or all of your Orders, in
                 whole or in part if: -

                 o     any payment due under the Terms has not been received in full on the due date and we have given you at
                       least 7 days notice to pay the amount due;

                 o     any instrument of payment you use to pay amounts to us is not honoured on first presentation;

                 o     an Insolvency Event occurs in relation to you;

                 o     you die or become a patient under mental health legislation or we have reasonable grounds to believe you
                       have done so;

                 o     law or the Regulatory System requires or permits us to do so.

           In the above circumstances, we can close your open bets/trades and cancel your Orders with or without giving you
           notice. If we exercise our rights without giving you notice, we will tell you in writing (as soon as reasonably
           practicable) that we have done so.

           x     close any bet/trade and cancel any Order, if that bet/trade or Order has been placed in material breach of the
                 Terms;

           x     close or void any bet/trade and cancel any Order, if that bet/trade or Order has been placed in breach of any
                 relevant law (whether English or otherwise) or the Regulatory System.

           In both the above circumstances we are not obliged to give you any prior notice, but we would tell you in writing (as
           soon as reasonably practicable) that we had done so.

           x     close all or any part of any bet/trade and cancel all or any part of any Order, if there is a material dispute
                 between us in relation to it.

           In the above circumstance we would act reasonably in endeavouring to resolve the dispute before we took this
           action. We would not be obliged to give you any prior notice before taking this action, but if we took this action we
           would inform you in writing (as soon as reasonably practicable) that we had done so. Also, this does not affect our
           rights under clause 31, in relation to Manifest Error.

22.3       When we exercise any of our rights under the Terms to close your bet/trades, the following apply: -

           x     closure will be on the basis of the interactive markets Price;

           x     we can effect closures at any time.

23.        Variation of IM Factors, stake/trade sizes and spreads

23.1       We can vary IM Factors, minimum and maximum stake/trade sizes and spreads at any time and for any reason. The
           length of notice that we give you in respect of changes to IM Factors, minimum and maximum stake/trade sizes and
           spreads will vary depending on the circumstances. We will endeavour to inform you in advance of such changes and
           this can be done by us using any of the methods referred to in clauses 42.6 and 42.7. Any changes will also be
           published in the Market Information Sheets and will be effective immediately on publication. See also our rights under
           clauses 29, 30 and 32, for example to vary IM Factors, minimum and maximum stake/trade sizes and spreads.

23.2       You should make sure you know the current IM Factors, stake/trade sizes and spreads in relation to your bets, trades
           and Orders.
                                                                                                                                          th
interactive markets is a trading name of GFT Global Markets UK Ltd., Subsidiary of Global Futures & Forex, Ltd. Its registered office is 34 Floor
(CGC 34-03), 25 Canada Square, London, E14 5LQ . Registered in England and Wales, Company Number 5394757

Authorised and Regulated by FSA.
                                                                      interactive markets General Terms July 2010 Revision: 001
                                                                                                                                        Page 18 of 37
24.        Specifications and rules

24.1       Particular Markets will have specifications and rules that apply to that Market. These will be set out in the Market
           Information Sheets.

24.2       We can vary any of those specifications and rules with or without giving you notice (in particular by publishing details
           in the Market Information Sheets), but no change will apply to any bet, trade or Order current prior to the date on
           which the change is to become effective. As mentioned above the current specifications and rules will be in the
           Market Information Sheets.

25.        Interest on late payments and costs

25.1       If you do not pay on time any amount you owe us (except interest), we can charge you interest. The rate of interest
           will be 4% above the base rate of Barclays Bank Plc from time to time. We will charge you this interest until you have
           paid the amount in full; we will charge you this interest before and after any judgement we might obtain against you.

25.2       You must pay to us any and all costs and expenses (such as bank charges, Court fees, legal expenses and the like)
           we pay or incur because you fail to pay amounts due on time or which we incur in enforcing our rights against you.

25.3       The interest, costs and expenses referred to above are debts you owe us. We can deduct them from your Cash.

26.        Netting

26.1       If we have closed your Account and/or if all open bets/trades and Orders on your Account have been closed or
           cancelled we can: -

           x     combine and consolidate your Cash with any other Account you have with us, spread bet, cfd, Spot Forex or
                 otherwise;

           x     set-off against each other the amounts referred to in (a) and (b) below: -

                 (a)   any amount we owe you of whatever nature and whenever payable including in respect of the Account
                       and/or any other Account you have with us, spread bet, cfd, Spot Forex or otherwise; this will include your
                       Cash, if that is a credit balance and any profit in relation to Unrealised P&L;

                 (b)   your Cash (if a debit balance), any and all liabilities or amounts that you owe us of whatever nature and
                       whenever payable including in respect of the Account and/or any other Account you have with us, spread
                       bet, cfd, Spot Forex or otherwise; this will include your Cash, if that is a debit figure, any loss in relation to
                       Unrealised P&L, losses and any interest, costs and expenses.

26.2       If we exercise our rights under clause 26.1 all the payment obligations (in respect of which we have exercised those
           rights) will be consolidated into an obligation: (a) for you to pay a net sum of cash to us or (b) for us to pay a net sum
           of cash to you.

26.3       If amounts are payable by us to you or by you to us on any other Accounts, we may need to close those Accounts
           (including closing all open positions and cancelling all Orders on those other Accounts) in order to exercise our rights
           under this clause. You consent to our doing so.

26.4       If your Account and all open bets/trades have been closed and all Orders cancelled, you can also require us to
           exercise the rights in clause 26.1.

26.5       Our rights in this clause 26 apply regardless of the currency of any amount payable by us to you or by you to us.

27.        Currency

27.1       We can convert into your Base Currency -

           x     your Cash;

           x     any profit, loss or other liability;

           x     any money owed by us to you, or you to us;

           x     any money paid by you to us.

27.2       Please note that for the purpose of calculating your Cash and all other relevant matters we will convert any relevant
           currencies into your Base Currency.

27.3       We will convert currencies at the rates we reasonably specify from time to time.

27.4       If you pay us in any currency other than your Base Currency, we will charge you any costs we incur in converting
           currency into to your Base Currency.
                                                                                                                                          th
interactive markets is a trading name of GFT Global Markets UK Ltd., Subsidiary of Global Futures & Forex, Ltd. Its registered office is 34 Floor
(CGC 34-03), 25 Canada Square, London, E14 5LQ . Registered in England and Wales, Company Number 5394757

Authorised and Regulated by FSA.
                                                                      interactive markets General Terms July 2010 Revision: 001
                                                                                                                                        Page 19 of 37
28.        Compliance with law

28.1       Applicable laws (e.g. in relation to money laundering) whether English or otherwise may prevent or limit our
           compliance with all or any of the Terms. In some cases, for example in the case of suspected money laundering, we
           may not be able to give you notice that we intend to exercise or have exercised our rights under the Terms (including
           suspending or closing your Account and/or bets, trades or Orders).

28.2       We are entitled to do or omit to do anything in order to comply with applicable laws and the Regulatory System.

28.3       This clause 28 prevails over all other provisions of the Terms.

29.        Events Outside Our Control and Market Disruption Events

29.1       If an Event Outside Our Control and/or Market Disruption Event occurs we can, subject to complying with clause
           29.2: -

           x     close any open bets/trades;

           x     cancel and/or execute any Orders;

           x     adjust the interactive markets Price or size of any open bets/trades;

           x      adjust the agreed execution price or size of any Orders;

           x     suspend trading and/or alter trading times;

           x     refuse all bets/trades and Orders;

           x     vary Initial Margin requirements, IM Factors, minimum and maximum stake/trade sizes, spreads and interactive
                 markets Prices;

           x     immediately require payment of all amounts you owe us such as Variation Margin;

           x     void any bet/trade, in cases where the interactive markets Price is based on the price of an Underlying and
                 trades relevant to the interactive markets Price are cancelled by a relevant regulatory body, exchange or other
                 third party;

           x     do or omit to do anything, if we think it reasonable to protect ourselves and our Clients as a whole.

29.2       Our rights under clause 29.1 are subject to the following: -

           x     we will act reasonably and in good faith;

           x     we can exercise the rights with or without giving you notice, but if we exercise without giving you notice we will
                 give you notice (as soon as reasonably practicable) that we have done so. If it is reasonable and practicable for
                 us to give you notice, the length of notice will vary depending on the circumstances.

29.3       In the case of an Event Outside Our Control, you may not be able to access the Software, interactive markets
           trader® and/or www.interactivemarkets.co.uk and you may not be able to contact us by telephone.

30.        Insolvency

30.1       The rights in clause 29.1 also apply if an Insolvency Event occurs in relation to an entity to which your bet/trade or
           Order directly or indirectly relates. In that case we can exercise any of the rights in clause 29.1 in relation to the
           Markets affected by the Insolvency Event.

31.        Errors

31.1       If for any reason we have manually recorded any bet/trade or Order and have done so inaccurately, that will not
           affect the validity of the bet/trade or Order that was placed. Likewise you will not be entitled to enforce whatever is
           inaccurately recorded.

31.2       If a bet/trade contains or is based on a Manifest Error we can: -

           x     make appropriate adjustments to the bet/trade or Order, so that it reflects the bet/trade or Order without
                 Manifest Error;

           x     close the bet/trade (at the interactive markets Price);

           x     void the bet/trade. In this case we will close it, as if it had never been placed.

31.3       Our rights under clause 31.2 are subject to the following: -

                                                                                                                                          th
interactive markets is a trading name of GFT Global Markets UK Ltd., Subsidiary of Global Futures & Forex, Ltd. Its registered office is 34 Floor
(CGC 34-03), 25 Canada Square, London, E14 5LQ . Registered in England and Wales, Company Number 5394757

Authorised and Regulated by FSA.
                                                                      interactive markets General Terms July 2010 Revision: 001
                                                                                                                                        Page 20 of 37
           x     we will act reasonably and in good faith;

           x     we can exercise the rights with or without giving you notice, but if we exercise without giving you notic e we will
                 give you written notice (as soon as reasonably practicable) that we have done so.

           We can exercise our rights regardless of any bet, trade or other transaction you may have entered into with a third
           party and even if the exercise of our rights means that you may suffer loss as a result.

32.        Corporate Action

32.1       If a Corporate Action occurs, we are entitled to :-

           x     change interactive markets Prices;

           x     change our spreads;

           x     change IM Factors;

           x     change minimum and maximum stake/trade sizes;

           x     suspend the acceptance of or refuse to accept bets/trades or Orders for any affected Market.

           We can exercise the above rights with or without notice depending on the nature of the Corporate Action concerned.
           If we exercise before we have given notice, we will inform you as soon as reasonably practicable that we have done
           so.

32.2       In addition, if a Corporate Action occurs we can do any of the following in relation to a bet, trade or Order you have
           placed that is directly or indirectly affected by the Corporate Action and that was in place prior to the relevant
           Corporate Action: -

           x     change the opening interactive markets Price of the bet/trade;

           x     change the agreed execution price of the Order;

           x     close any open bet/trade and cancel any Order;

           x     open a new bet/trade or Order in the relevant Market. This might be necessary in the case of a rights issue, if
                 you have a short position in the relevant Market;

           x     make an appropriate credit or debit to your Account.

           When exercising the rights in the above five bullet points: -

           x     we will act reasonably and in good faith, taking into account the nature of the Corporate Action that has
                 occurred, in order to endeavour to preserve the economic value of the relevant bet/trade or Order;

           x     adjustments in relation to dividends will be dealt with as provided in clauses 32.3 to 32.7;

           x     we can exercise the rights with or without notice depending on the nature of the Corporate Action concerned. If
                 we exercise before we have given notice, we will inform you as soon as reasonably practicable that we have
                 done so.

32.3       Subject to clause 32.7, if a dividend adjustment applies to an equity or index to which your bet/trade relates and your
           bet/trade was open at the close of our business on the last of our trading days (for that equity or index) prior to the
           relevant ex-dividend date we will apply a dividend adjustment in accordance with clauses 32.4 to 32.7 (inclusive).

32.4       In the case of spread bets or cfd trades relating to individual equities the dividend adjustment (referred to in clause
           32.3) will be applied as follows: -

           x     Clients holding long individual equity spread bet or cfd positions will be credited an ex-dividend adjustment net
                 of the tax requirements of the relevant tax authority as determined by interactive markets acting reasonably.
                 Rates of adjustments are set out in the Market Information Sheets;

           x     Clients holding short individual equity spread bet or cfd positions will be debited an ex-dividend adjustment net
                 of the tax requirements of the relevant tax authority as determined by interactive markets acting reasonably.
                 Rates of adjustments are set out in the Market Information Sheets.

32.5       In the case of adjustments to index spread bets or cfd trades, the rate of adjustment will be determined by interactive
           markets acting reasonably, taking into account, for example, the weighting of the companies concerned. Please refer
           to the Market Information Sheets for details of how these adjustments are calculated for spread bets or index cfd
           trades. Adjustments are applied as follows: -

           x     Buy bets/trades are credited with the relevant adjustment.
                                                                                                                                          th
interactive markets is a trading name of GFT Global Markets UK Ltd., Subsidiary of Global Futures & Forex, Ltd. Its registered office is 34 Floor
(CGC 34-03), 25 Canada Square, London, E14 5LQ . Registered in England and Wales, Company Number 5394757

Authorised and Regulated by FSA.
                                                                      interactive markets General Terms July 2010 Revision: 001
                                                                                                                                        Page 21 of 37
           x     Sell bets/trades are debited the relevant adjustments.

32.6       We may (acting reasonably) terminate or vary the dividend adjustment depending on changes in law, the Regulatory
           System, rates of tax and in particular the withholding tax requirements of the relevant tax authority.

32.7       Please note: -

           x     we reserve the right not to credit or debit any amounts in respect of a dividend adjustment, if the amount
                 concerned is equal to or less than £1.00;

           x     no dividend adjustments are made in respect of spread bets or cfd trades relating to Germany 30 or Germany
                 Mid Cap Index.

33.        Client Money

33.1       The Client Money Rules will apply to you unless we have entered into a written agreement with you (in addition to the
           Terms) to the effect that the Client Money Rules do not apply.

34.        Interest

34.1       We do not pay interest on any money we hold in respect of you.

35.        Complaints and Disputes

35.1       We have a complaints handling procedure. Our Customer Services Team will supply a copy on request.

35.2       It will be easier for us to deal with complaints or disputes if you raise them sooner rather than later. You should raise
           complaints and disputes as soon as you become aware of them and in any case within 4 Business Days of the date
           of the relevant transaction or other matter.

35. 3      If you have a complaint or dispute, you must refer this in writing to our Customer Services Team. If our Customer
           Services Team does not deal with the matter to your satisfaction, you can refer to it to our Compliance Officer.
           Retail Clients may also refer matters to the Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall,
           London, E14 9SR; clients who are not Retail Clients do not have this right.

35.4       interactive markets is covered by the Financial Services Compensation Scheme. Depending on the nature of the
           bet/trade concerned, the circumstances of your claim and the rules of that scheme you may be entitled to
           compensation if we cannot meet our obligations to you. In general if you are entitled to be compensated, you are
           covered for the first £50,000.00 of your claim. Further information is available from the Financial Services
           Compensation Scheme.

35.5       You can access information and rules relating to the Financial Ombudsman Service on www.financial-
           ombudsman.org.uk. You can access information and rules relating to the FSA (in particular COBS) on
           www.fsa.gov.uk.

36.        Representations and Warranties

36.1       You make the following representations and warranties to us when you submit your Application Form, enter into the
           Terms and each time you place a bet, trade or Order, or given any other instructions: -

           x     that you have full capacity and authority to do so;

           x     that in doing so you are in full compliance with all laws (English or elsewhere) and regulatory rules applicable to
                 you;

           x     that you are acting in person or (if you are not a natural person) by someone duly authorised to act for you;

           x     that all the information you have provided to us, both in your Application Form and otherwise, is true accurate
                 and complete in all material respects;

           x     that you signed your Application Form or (if you are not a natural person) someone signed it who was duly
                 authorised to do so;

           x     that you agree to the Terms, the Risk Warning Notice and the Execution Policy;

           x     that the Terms bind you;

           x     that you act as principal.

37.        Regulatory Requirements


                                                                                                                                          th
interactive markets is a trading name of GFT Global Markets UK Ltd., Subsidiary of Global Futures & Forex, Ltd. Its registered office is 34 Floor
(CGC 34-03), 25 Canada Square, London, E14 5LQ . Registered in England and Wales, Company Number 5394757

Authorised and Regulated by FSA.
                                                                      interactive markets General Terms July 2010 Revision: 001
                                                                                                                                        Page 22 of 37
37.1       You are responsible for compliance with all laws and regulatory rules (whether English or elsewhere) in relation to
           your bets and trades, including those of the FSA, The Panel on Takeovers and Mergers and any other relevant
           regulatory body.

38.        Market Abuse

38.1       interactive markets will frequently hedge its liability to you by opening analogous positions with other institutions. A
           consequence of interactive markets doing so is that if your bets/trades and/or Orders relate to Underlying shares,
           your bets/trades and/or Orders can through our hedging exert a distorting influence on the Underlying, in addition to
           any impact on interactive markets Prices. This creates a possibility of market abuse and the function of this clause 38
           is to prevent such abuse and to enable us to take appropriate action as referred to in clause 38.3.

38.2       You represent and warrant to us and agree that each such representation and warranty is deemed repeated each
           time you open and close a bet/trade and each time you place and cancel an Order that: -

           x     you will not place and have not placed any bet/trade and/or Order with us or otherwise (when you deal with us)
                 behaved nor will you behave in a manner that would amount to market abuse and/or market manipulation by
                 you (or by you acting jointly or in collusion with another person). For the purpose of assessing whether you
                 have done so, you may (where relevant) be deemed to have dealt directly in the Underlying to which your
                 bet/trade and/or Order relates. For your information, market abuse means as specified by s118 FSMA 2000 (as
                 amended by SI 2005 No 381) and the Market Abuse Directive 03/06/EC. Further information can be obtained
                 from the FSA website at www.fsa.gov.uk.

           x     you will not place and have not placed a bet/trade and/or Order that contravenes any primary or secondary
                 legislation or other law or regulatory rules including in relation to insider dealing. For the purposes of this clause
                 you agree that we may proceed on the basis that when you open or close a bet/trade and/or place an Order with
                 us relating to a share/equity you may be treated as if you were dealing in securities within the meaning of Part V
                 of the Criminal Justice Act 1993.

38.3       In the event that (i) you place any bet/trade and/or Order in breach of any of the representations and warranties given
           in clause 38.2 or (ii) we have grounds for suspecting that you have done so, we may in our absolute discretion (and
           with or without giving notice to you) and without being under any obligation to inform you of our reason for doing so,
           close that bet/trade and/or Order and any other bets/trades and/or Orders that you may have open at that time and
           also in our absolute discretion:-

           x     enforce the bet/trade or bets/trades against you if it is a bet/trade or bets/trades under which you have made
                 losses; and

           x     treat all your bets/trades closed under this clause as void if they are bets/trades under which you have made
                 profits, unless and until you produce conclusive evidence that you in fact have not committed the breach of
                 warranty and/or misrepresentation as referred to in clause 38.2. If you do not produce such evidence within the
                 period of six months from the date of closure under this clause 38.3, all such bets/trades will be finally null and
                 void as between us.

           Bets/trades closed under clause 38.3 will be closed at the interactive markets Price.

38.4       You acknowledge that we will not transfer voting rights relating to an Underlying share/equity to you or otherwise
           allow you to influence the exercise of voting rights held by us or on our behalf.

38.5       You acknowledge that spread bets and cfds are speculative instruments and you agree that you will not enter into
           any spread bets and/or cfd trades with us in connection with any corporate finance style activity.

38.6       We are entitled to report to any relevant regulatory authority any bet/trade, Order or other transaction undertaken by
           you which may constitute a breach by you of this clause 38.

38.7       The exercise by interactive markets of any of its rights under this clause 38 in respect of any bet/trade and/or Order
           shall not affect any other right of interactive markets (under the Terms or at law) whether in respect of that bet/trade
           and/or Order or any other bet/trade and/or Order.

39.        Data Protection

39.1       For the purpose of the DPA we are the data controller in relation to Your Data.

39.2       You agree that we can:-

           x     use and rely on Your Data when dealing with you; and

           x     our Associated Companies can store and process Your Data in any way whatsoever, including in manual and
                 electronic form (for example on our/their computers and data bases).

39.3       You consent to the transfer of Your Data outside the UK (including to countries outside the European Economic
           Area). We will only do this in order to perform the contract between us and to supply services to you or for
           administrative or marketing purposes. In addition we will ensure that the person to whom we transfer Your Data will
           treat it with the same level of confidentiality and security as if we were dealing with it.
                                                                                                                                          th
interactive markets is a trading name of GFT Global Markets UK Ltd., Subsidiary of Global Futures & Forex, Ltd. Its registered office is 34 Floor
(CGC 34-03), 25 Canada Square, London, E14 5LQ . Registered in England and Wales, Company Number 5394757

Authorised and Regulated by FSA.
                                                                      interactive markets General Terms July 2010 Revision: 001
                                                                                                                                        Page 23 of 37
39.4       You agree to us and/or our Associated Companies using, analysing, dealing with and assessing Your Data as
           permitted by law and to: -

           x     identify you when you contact us;

           x     consider and process any applications made by you;

           x     establish and manage your Account and to administer services provided to you;

           x     recover debts;

           x     review your ongoing needs;

           x     comply with all applicable laws and regulations including the Regulatory System;

           x     undertake market research and to review and develop our products and services;

           x     keep you informed of our products and services and the products and services of our Associated Companies in
                 accordance with clause 39.8 unless you tell us otherwise in accordance with clause 39.8;

           x     run competitions or other promotional activities;

           x     process and deal with any complaints made by you about us;

           x     verify the accuracy of information supplied by you;

           x     deal with and/or in connection with regulatory reporting, fraud and crime prevention and detection, financial risk
                 assessment, money laundering checks and compliance (including for example, making enquiries at fraud
                 prevention agencies, making enquiries of other providers of spread, cfd and/or Spot Forex services, undertaking
                 searches at the Electoral Register and with credit reference agencies, performing credit and identity checks,
                 obtaining bankers’ references and making any other enquiries as reasonably thought fit); and

           x     respond to enquiries made by other persons (including other providers of spread, cfd and/or Spot Forex
                 services) in relation to the matters referred to in the above bullet point.

39.5       Please note that third party agencies (for example fraud prevention, credit reference agencies and other providers of
           spread, cfd and/or Spot Forex services) may maintain records of any enquiry and information given to them. They
           may share Your Data (and the results of any searches) with us, our Associated Companies and other organisations
           to, amongst other things, recover or retrace debts and for credit, fraud, crime prevention and money laundering
           purposes.

39.6       Credit reference agencies may create a link between joint applicants and/or anyone else you identify as your financial
           partner. As a consequence you and anyone else with whom you have a financial link must understand that each
           other’s financial information will be taken into account in all future applications for credit by either of you. This linking
           will continue until one of you successfully files a “disassociation” with the relevant credit reference agencies.

39.7       We may disclose Your Data as permitted by law and as follows:

           x     if you are a joint applicant, to the other applicant;

           x     to our Associated Companies;

           x     to any regulator of our business, including the FSA;

           x     to your employer, whether your employer is authorised or exempt under the FSMA, including sending contract
                 notes and statements to your employer’s compliance officer;

           x     to introducing brokers or our other business partners. See clause 39.10;

           x     to our service providers and/or the service providers of our Associated Companies who provide us/our
                 Associated Companies with administrative, financial, legal, insurance or other services (including any data
                 processors that we/our Associated Companies engage) on the understanding that they will keep Your Data
                 confidential;

           x     to anyone to whom we transfer all or any of our rights and/or obligations in relation to you;

           x     to comply with legal obligations;

           x     to protect our rights, property, safety, customers or others. This includes exchanging information (including Your
                 Data) with other companies and organisations for the purposes of fraud protection and credit risk reduction;

           x     to the persons referred to in the last two bullet points of clause 39.4.
                                                                                                                                          th
interactive markets is a trading name of GFT Global Markets UK Ltd., Subsidiary of Global Futures & Forex, Ltd. Its registered office is 34 Floor
(CGC 34-03), 25 Canada Square, London, E14 5LQ . Registered in England and Wales, Company Number 5394757

Authorised and Regulated by FSA.
                                                                      interactive markets General Terms July 2010 Revision: 001
                                                                                                                                        Page 24 of 37
39.8       We will use Your Data to keep you informed of our products and services by letter, telephone (including text
           messages), electronically (including e-mail) or otherwise. Our Associated Companies will also be able to contact you
           in these ways about their products and services. You consent to the use of Your Data in this way unless you tell us
           that you do not wish us or our Associated Companies to use Your Data in this manner. In order to do so, please
                                                                   th
           write to us or telephone us at: interactive markets, 34 Floor, (CGC 34-03), 25 Canada Square, London, E14 5LQ,
           telephone +44 (0)20 7680 3606; or e-mail our Customer Services Team on support@interactivemarkets.co.uk.

39.9       www.interactivemarkets.co.uk and/or interactive markets trader®, may from time to time contain links to and from the
           websites of our partner networks, advertisers and Associated Companies. If you follow a link to any of these
           websites, please note that these websites have their own privacy policies and that we do not accept any
           responsibility or liability for these policies. Please check these policies before you submit Your Data to these
           websites.
                                                                                                                                          th
39.10      If we disclose Your Data to introducing brokers or our other business partners, as referred to in clause 39.7 (5 bullet
           point), they can use and store Your Data as referred to in clauses 39.2 and 39.4 as if those clauses referred
           specifically to them. They can also use Your Data to keep you informed of their products and services by letter,
           telephone (including text messages), electronically (including e-mail) or otherwise. You consent to the use of Your
           Data in this way unless you tell the relevant introducing broker or other business partner that you do not wish them to
           use Your Data in this manner. In order to do so, either contact them direct or we will do so on your behalf if you write
                                                                 th
           to us or telephone us at: interactive markets, 34 Floor, (CGC 34-03), 25 Canada Square, London, E14 5LQ,
           telephone +44 (0)20 7680 3606; or e-mail our Customer Services Team on support@interactivemarkets.co.uk .

39.11      The DPA gives you the right to access Your Data. Any access request may be subject to a fee permitted by the
           DPA.

39.12      You are entitled to notify us of any inaccuracies in any information we hold in relation to you. In addition you should
           inform us if any of your personal details change, so that we can keep our records up to date.

39.13      We may use cookies in relation to www.interactivemarkets.co.uk and/or interactive markets trader®. A cookie is, in
           general terms, a message (in electronic form) given to your hardware or web browser by
           www.interactivemarkets.co.uk and/or interactive markets trader®.        Cookies enable us, for example, to do the
           following in relation to www.interactivemarkets.co.uk and/or interactive markets trader®: identify users, identify
           advertising sources (i.e. how you came to contact us) and to identify you (if relevant) as the sales lead of a particular
           sales person of ours.

39.14      You have the ability to accept or decline cookies by modifying the setting of your web browser. However, if you
           disable cookies, you may not be able to use all interactive features of www.interactivemarkets.co.uk and/or
           interactive markets trader®.

39.15      As our business and/or relationship with you develops, the way we record or use Your Data may change; this may be
           because of, for example, changes in technology. If we think the changes will not be in line with your expectations, we
           will give you notice of the change (by an appropriate means which may include electronic communication). We can
           also amend this clause 39 in particular at any time by at least 10 Business Days notice to you, unless it is
           impracticable in the circumstances for that length of notice to be given. If you continue to deal with us after the date
           on which any such change is to come into effect, you will be deemed to have agreed to it.

39.16      If you have any questions, or wish to make a complaint, please contact us as above (clause 39.8). You can also
           make a complaint to the Information Commissioner, tel: +44 (0)1625 545 745.

40.        Software

40.1       We hereby grant you a non-exclusive and non-transferable licence to use the Software for as long as your Account is
           open. We are entitled to disable your use of the Software as soon as your Account has been closed. The licence
           granted under this clause 40 will terminate as soon as your Account is closed.

40.2       We will not charge you a licence fee for the licence granted in clause 40.1 unless your Account is inactive. Your
           Account will be deemed inactive if you have not opened or closed, a bet/trade and/or placed or cancelled an Order
           for a period of 60 days or more. If your Account is inactive we will charge you a licence fee of US$50 per month for
           so long as your Account is inactive.

40.3       You are only permitted to use the Software to deal with us and/or our Associated Companies. You are permitted to
           download the Software for your own personal use to your own hardware insofar as it relates to that part of interactive
           markets trader® we make available for you to download.

40.4       You shall not: -

           x     copy, alter, adapt, create derivative work, decompile, dissasemble, modify, reverse engineer or make error
                 corrections to the Software, or any part of it, or permit, authorise or otherwise encourage any third party to do
                 so. No licence is granted in respect of and you do not have the right to obtain or use any source code for the
                 Software;



                                                                                                                                          th
interactive markets is a trading name of GFT Global Markets UK Ltd., Subsidiary of Global Futures & Forex, Ltd. Its registered office is 34 Floor
(CGC 34-03), 25 Canada Square, London, E14 5LQ . Registered in England and Wales, Company Number 5394757

Authorised and Regulated by FSA.
                                                                      interactive markets General Terms July 2010 Revision: 001
                                                                                                                                        Page 25 of 37
           x     rent, lease, sub-licence, sell, assign, pledge, transfer or otherwise dispose of in whole or in part the Software
                 and/or the licence granted to you in respect of the Software or otherwise provide or make available the Software
                 (in whole or in part) in any form whatsoever to any person not authorised by us;

           x     allow the Software to be combined with, or to become incorporated or integrated in, any other program, software
                 or hardware;

           x     delete, obscure or tamper with copyright or other proprietary notices we, any Associated Company and/or any
                 third party provider may have put on the Software;

           x     use the Software in any manner not permitted by this Agreement;

           x     load or transmit through the Software any computer virus or anything designated to interrupt and disrupt the
                 proper operation of the Software.

40.5       Nothing in this clause 40 will affect the rights expressly granted to you under the following sections of the Copyright,
           Designs and Patents Act 1988: s50A, s50B and s50BA, subject always to s50B(3).

40.6       You acknowledge that all intellectual property rights in the Software, interactive markets trader® and
           www.interactivemarkets.co.uk (including all patents, copyrights, design rights, trademarks, service marks, trade
           secrets, know- how, database rights and other rights in the nature of intellectual property rights (whether registered or
           unregistered) and all applications for the same anywhere in the world) belong to us, an Associated Company or our
           third party providers (as the case may be) and you shall have no rights in or to the Software, interactive markets
           trader® and/or www.interactivemarkets.co.uk (or any of the foregoing) other than the right to use the Software,
           interactive markets trader ® and www.interactivemarkets.co.uk in accordance with the terms of this Agreement.

40.7       We warrant that we have the right to permit you to use the Software, interactive markets trader® and
           www.interactivemarkets.co.uk      in accordance with the terms of this Agreement. To the extent permitted by
           applicable law (and subject to clause 40.8), we disclaim all other warranties (express and implied) with respect to the
           Software, interactive markets trader® and www.interactivemarkets.co.uk .

40.8       We will use reasonable endeavours to ensure that the Software, interactive markets trader® and
           www.interactivemarkets.co.uk can be accessed and used in accordance with this Agreement. However, we do not
           warrant that the Software, interactive markets trader® and www.interactivemarkets.co.uk : -

           x     will always be accessible and usable;

           x     will be free from all known viruses;

           x     or their use will be uninterrupted or error free.

40.9       We can suspend use of the Software, or access to interactive markets trader® and/or www.interactivemarkets.co.uk ,
           to carry out maintenance, upgrades, developments or the like for any other good reason. We will endeavour to give
           you notice, but this may not always be practicable, for example in the case of an emergency.

40.10      It is your responsibility to:-

           x     install and keep up to date virus-checking software for your hardware and software systems;

           x     ensure that your information technology is compatible with ours;

           x     ensure that any hardware, software or communication link you may use is sufficient and appropriate.

41.        Alteration of Terms

41.1       In addition to the rights we have reserved elsewhere in the Terms to make changes, we can from time to time alter or
           replace the Terms in whole or in part (including the CFD and Spot Forex Terms, the Spread Terms and the Market
           Information Sheets) by at least 10 Business Days written notice to you. We can also change the Execution Policy by
           at least 10 Business Days written notice to you. We will only make changes for the following reasons: -.

           x     to take account of changes in our business, costs of dealing with you and/or other relevant circumstances such
                 as Underlying and/or Market conditions;

           x     to take account of changes in tax laws and/or rates of tax;

           x     to take account of changes in the law and/or Regulatory System.

41.2       The changes: -

           x     will apply (including to all open positions and unfilled Orders) as at and after the effective date of the change;

           x     will not apply at all if you give us notice in writing that you object to the changes, within 10 Business Days of the
                 date we give you notice of the proposed change. However, in this case you will be required to close your
                                                                                                                                          th
interactive markets is a trading name of GFT Global Markets UK Ltd., Subsidiary of Global Futures & Forex, Ltd. Its registered office is 34 Floor
(CGC 34-03), 25 Canada Square, London, E14 5LQ . Registered in England and Wales, Company Number 5394757

Authorised and Regulated by FSA.
                                                                      interactive markets General Terms July 2010 Revision: 001
                                                                                                                                        Page 26 of 37
                 Account as soon as reasonably practicable and you will only be permitted to bet/trade and/or place Orders in
                 order to do so.

42.        Communications

42.1       These Terms will be supplied to you in English and we will communicate with you in English.

42.2       You can only open and close bets and trades, place and cancel Orders and otherwise give instructions in relation to
           your bets and trades by interactive markets trader® or (where permitted by clause 7.10) telephone. You cannot use
           any of the other methods referred to in this clause 42 to do so.

42.3       When we refer to serving a notice (including a written notice) on you under these Terms, that can be done by any of
                                                                                                                  st
           the methods referred to in clauses 42.6 and 42.7. However, written notices exclude the methods in the 1 bullet point
                                   st  nd      th
           of clause 42.6 and the 1 , 2 and 5 bullet points of clause 42.7.

42.4       Clauses 42.6 and 42.7 set out the methods by which we can both serve notices on each other. Note that we can use
           any of these methods to make a Variation Margin Call or other request for payment. If more than one method is
           used, the notice will be regarded as served at the earliest time referred to in clauses 42.6 and 42.7.

42.5       The following apply in relation to the service of notices by each of us: -

           x     we must send notices to you to your last known home or e-mail address, place of work, fax, telephone or pager
                 number. In addition, we can serve notices by the other methods referred to in clauses 42.6 and 42.7;

           x     you must send notices to our Customer Services Team, as follows: -

                             o     telephone number: +44 (0)20 7680 3606;

                             o     postal address:
                                                                                            th
                                                          interactive markets 34 Floor (CGC 34-03)
                                                          25 Canada Square
                                                          London
                                                          E14 5LQ;

                             o     e-mail address:        support@interactivemarkets.co.uk ;

                             o     fax number:            +44 (0)20 7170 0788.

42.6       Subject to clause 42.2 we can both serve notices on each other under these Terms by any of the methods set out in
                st                                                                                               nd
           the 1 column of the table below; the time at which those notices will be effective is set out in the 2 column,
           opposite:-




                                                                                                                                          th
interactive markets is a trading name of GFT Global Markets UK Ltd., Subsidiary of Global Futures & Forex, Ltd. Its registered office is 34 Floor
(CGC 34-03), 25 Canada Square, London, E14 5LQ . Registered in England and Wales, Company Number 5394757

Authorised and Regulated by FSA.
                                                                      interactive markets General Terms July 2010 Revision: 001
                                                                                                                                        Page 27 of 37
                                    Method                                                                      Time of Service
                 o     verbally by telephone or face to face.                 At that time.
                 o     personal service.                                      On delivery.

                 o     post (not overseas).                                   Next Business Day after posting; (unless not
                                                                                                                        nd
                                                                              posted on a Business Day, in which case 2
                                                                              Business Day after posting).
                                                                                 rd
                 o     airmail post (if overseas).                            3 Business Day after posting (unless not posted
                                                                                                                th
                                                                              on a Business Day, in which case 4 Business Day
                                                                              after posting).

                 o     fax.                                                   If sent before 4:00pm on a Business Day, 1 hour
                                                                              after a transmission complete report is received (if
                                                                              not so sent, then 9:00am on the next Business
                                                                              Day).

                 o     e-mail.                                                If sent before 4:00pm on a Business Day, 1 hour
                                                                              after sending, provided no “not sent” or “not
                                                                              received” message is received from the relevant e-
                                                                              mail providers (if not so sent, then 9:00 am on the
                                                                              next Business Day).


                                                                                                                                  st
42.7       interactive markets can also serve a notice on you by any of the methods referred to in the 1 column of the table
                                                                                     nd
           below; the time at which that notice will be effective is set out in the 2 column, opposite: -

                                   Method                                                        Time of Service
                 o     telephone answering machine, pager or                  1 hour after leaving the message.
                       voice mail.

                 o     SMS text.                                              1 hour after sending the message (provided no “not
                                                                              sent” message is received).

                 o     Published                                     on       Immediately.
                       www.interactivemarkets.co.uk.
                 o     Sent via interactive markets trader®.                  1 hour after sending.

                 o     Leaving a message with someone we                      1 hour after leaving the message.
                       reasonably think will pass the message to
                       you (e.g. a spouse or work colleague).


42.8       We are entitled to record all our telephone conversations with you and you specifically agree to this. We also
           maintain a log of all your dealings with us via interactive markets trader® or any other electronic medium. All these
           recordings and logs will be our property and we may use them in the case of a dispute. We will also keep a copy of
           your Application Form and the Terms.

43.        Termination

43.1       These Terms came into force on the day we allocated you an Account number. The Terms continue after that time
           (with no minimum duration) subject to: -

                 x     termination as provided in these Terms;


                 x     cancellation by you giving us written notice of cancellation (and closure of your Account) within 14 days of
                       the date we allocate you an Account number (you should send that notice to our Customer Services Team
                       in accordance with clause 42.5). If you do not cancel, the Terms will continue but you still have a separate
                       and independent right to terminate as mentioned below;

                 x     by you giving us a written notice to close your Account;

                 x     by us giving you not less than 3 months written notice that we will close your Account.

43.2       If any notice (including under clause 43.1) is given to cancel or terminate these Terms or to close your Account, you
           will only be able to deal insofar as necessary to close your Account. In particular you will not be able to place any
           new bets, trades or Orders nor to give any other instruction, except insofar as necessary to close a bet/trade or to
           cancel an Order in place before the notice of cancellation or termination was given. For example, you will not be
           entitled to place a closing bet/trade or any Order in such a size that would result in a new bet/trade being opened.

43.3       Cancellation or termination of these Terms and the closure of your Account will not affect: -
                                                                                                                                          th
interactive markets is a trading name of GFT Global Markets UK Ltd., Subsidiary of Global Futures & Forex, Ltd. Its registered office is 34 Floor
(CGC 34-03), 25 Canada Square, London, E14 5LQ . Registered in England and Wales, Company Number 5394757

Authorised and Regulated by FSA.
                                                                      interactive markets General Terms July 2010 Revision: 001
                                                                                                                                        Page 28 of 37
           x     any rights, obligations or liabilities that have arisen on or prior to cancellation, termination or closure including in
                 relation to any open or closed bets, trades or Orders. This means, in particular, that we will both continue to be
                 liable to pay each other amounts payable;

           x     any provision of these Terms which expressly or by implication is intended to survive cancellation, termination
                 or closure – for example to deal with closing bets or trades or to calculate amounts payable (and these Terms
                 will apply in order to effect a closure of your Account, subject to clause 43.2).

44.        Limitation and Liability

44.1       Nothing in these Terms will exclude or limit: -

           x     our liability to pay you amounts we owe you under these Terms (subject in particular to our rights under clauses
                 17 and 26);

           x     our liability to you for our fraud, fraudulent misinterpretation, wilful default or negligence;

           x     our liability to you for death or personal injury arising out of our negligence;

           x     any liability or duty we have to you under the Regulatory System, unless we are permitted to do so by the
                 Regulatory System and have expressly excluded or limited such liability or duty in accordance with the
                 Regulatory System.

44.2       Subject to clause 44.1 we shall not be liable to you for any losses costs claims damages or expenses which are not
           reasonably foreseeable. In addition and subject to clause 44.1, we are not liable for the following whether or not
           reasonably foreseeable:-

           x     loss of profit;

           x     loss of opportunity (for example in relation to subsequent Market movements);

           x     loss of goodwill or reputation.

           The above applies howsoever and whenever the relevant loss arose and applies in particular to any such loss arising
           as a result of: -

           x     the exercise of any of our rights under the Terms, law and/or the Regulatory System;

           x     an Event Outside Our Control;

           x     a Corporate Action;

           x     an Insolvency Event;

           x     Manifest Error;

           x     a Market Disruption Event;

           x     any bets/trades you make (or Orders you place) or refrain from making (or placing) with us or any other person;

           x     www.interactivemarkets.co.uk, interactive markets trader® and/or the Software being inaccessible and/or
                 useable in whole or in part (including you being unable to place a bet/trade or Order or give any other
                 instructions) for any reason including by reason of an Event Outside Our Control and/or by reason of any
                 maintenance, upgrades, developments or the like;

           x     you being unable to communicate with us for any reason, for example due to failure of internet, telephone or any
                 other communication system;

           x     the unauthorised access by any person to interactive markets trader ® or the corruption of data sent to or by us
                 or any unauthorised access to or dealings on your Account (by interactive markets trader®, telephone or
                 otherwise) (subject to our liability to pay certain direct losses to you as provided in clause 7.2).

44.3       Subject to clause 44.1 we shall not be liable to you for any losses costs claims damages or expenses which are
           reasonably foreseeable as a result of:-

           x     the exercise of any of our rights under the Terms, law and/or the Regulatory System;

           x     an Event Outside Our Control;

           x     Manifest Error;

           x     a Corporate Action;
                                                                                                                                          th
interactive markets is a trading name of GFT Global Markets UK Ltd., Subsidiary of Global Futures & Forex, Ltd. Its registered office is 34 Floor
(CGC 34-03), 25 Canada Square, London, E14 5LQ . Registered in England and Wales, Company Number 5394757

Authorised and Regulated by FSA.
                                                                      interactive markets General Terms July 2010 Revision: 001
                                                                                                                                        Page 29 of 37
           x     an Insolvency Event;

           x     a Market Disruption Event;

           x     any bets/trades you make or refrain from making with any other person;

           x     www.interactivemarkets.co.uk , interactive markets trader® and/or the Software being inaccessible and/or
                 unusable in whole or in part (including you being unable to place a bet/trade or Order or give any other
                 instructions) for any reason including by reason of an Event Outside Our Control and/or by reason of any
                 maintenance upgrades developments or the like, provided that we have (in the case of an Event Outside Our
                 Control where reasonably practicable and maintenance upgrades developments or the like) used our
                 reasonable endeavours to make the same accessible and usable within a timescale that is reasonable in the
                 circumstances;

           x     you being unable to communicate with us for any reason, for example due to failure of internet, telephone or any
                 other communication system;

           x     the unauthorised access by any person to interactive markets trader® or the corruption of data sent to or by us
                 or any unauthorised access to or dealings on your Account (by interactive markets trader®, telephone or
                 otherwise) (subject to our liability to indemnify you as provided in clause 7.2).

44.4       We do not have insurance in respect of the loss referred to in this clause 44. When agreeing to deal with you on
           these Terms and in particular when we establish our spreads, interactive markets Prices and other amounts payable
           we do so on the basis that the exclusions and limitations in this clause 44 are reasonable, valid and enforceable.

44.5       If the limitations and exclusions in this clause 44 are not acceptable to you, you should not deal with us and should
           close any Account you may have opened.

45.        Waiver etc

45.1       If you or we delay in exercising or fail to exercise any right or remedy, that will not be a waiver of that (or any other)
           right or remedy. Also it will not prevent any future exercise of that right or remedy.

45.2       No single or partial exercise of any right or remedy shall preclude or restrict the further exercise of that right or
           remedy.

45.3       A waiver or consent only applies in the circumstances for which it was given and does not prevent the party who gave
           that waiver or consent from subsequently requiring compliance with any provision it has waived or in respect of which
           it consented to non-compliance.

45.4       If you or we waive a particular breach, that will not be a waiver of any other breach and will not affect any other
           Terms.

45.5       We can in particular waive or relax any of the obligations you owe to us, for example in relation to minimum and
           maximum stake/trade sizes, Initial Margin and Variation Margin. However if we do this we can subsequently require
           full compliance with the relevant obligation.

45.6       If either of us agrees any release, postponement or settlement of any liability of the other owed to it, that will not
           affect or prejudice any of the other liabilities owed to it or its other rights.

46.        Cumulative Rights

46.1       interactive markets has absolute discretion in the exercise of its rights. No right or remedy under these Terms
           excludes any other right or remedy at law or otherwise.

47.        Severance

47.1       If a Court (or any other body having power to do so) decides that any part of the Terms (including a clause or part of
           a clause) is invalid, that will not affect the rest of the Terms.

48.        Rights of Third Parties

48.1       The Associated Companies of interactive markets can enforce these Terms. The successors and assignees of
           interactive markets will be deemed to be parties to these Terms and able to enforce them.

48.2       Except as provided in clause 48.1 no provision of these Terms shall be enforceable under the Contracts (Rights of
           Third Parties) Act 1999 by a person who is not a party, but this does not affect any right or remedy of a third party
           which exists or is available apart from under that Act.

48.3       Notwithstanding that any provision of these Terms may be or become enforceable by a person who is not a party to
           it, these Terms or any of them may be varied, amended or modified, or these Terms may be suspended, cancelled or
           terminated by agreement in writing between interactive markets and the Client or as otherwise provided in these
           Terms (including clauses 24 and 41) or rescinded, in each case without the consent of any such third party.
                                                                                                                                          th
interactive markets is a trading name of GFT Global Markets UK Ltd., Subsidiary of Global Futures & Forex, Ltd. Its registered office is 34 Floor
(CGC 34-03), 25 Canada Square, London, E14 5LQ . Registered in England and Wales, Company Number 5394757

Authorised and Regulated by FSA.
                                                                      interactive markets General Terms July 2010 Revision: 001
                                                                                                                                        Page 30 of 37
49.        Assignment

49.1       Provided that in doing so interactive markets complies with the Regulatory System, it can assign, transfer, charge,
           sub-contract or deal in any manner (in whole or in part) with its rights and/or liabilities under these Terms.

49.2       You cannot assign, transfer, charge, sub-contract or deal in any manner (in whole or in part) with your rights and/or
           liabilities under these Terms.

50.        Whole Agreement

50.1       The Terms set out everything that has been agreed between us in relation to your Account.

50.2       The Terms replace all previous terms and conditions and market information sheets.

50.3       Nothing (apart from the Terms) is part of the contract between us unless we have specifically agreed in writing that it
           is binding between us.

50.3       All other terms, conditions and warranties implied by statute or common law are excluded to the fullest extent
           permitted by law.

51.        Definitions

51.1       The following expressions have the meanings as set out below: -

           “Account”                                            an account with us for (a) spread betting, (b) cfd trading, (c) Spot Forex
                                                                trading or (d) cfd trading and Spot Forex trading. Each reference to
                                                                “Account” shall be construed as a separate reference to each such
                                                                account you have with us. All Accounts have separate account
                                                                numbers.

           “Application Form”                                   our application form in relation to opening an Account.

           “Associated Company”                                 a company that is an associated company of interactive markets within
                                                                s52 Companies Act 1989.

           “At-The-Money”                                       A term that describes an option with a strike price that is equal to the
                                                                current market price of the underlying instrument.

           “Available Equity”                                   as defined in clause 9.1 of the Spread Terms or clause 11.1 of the CFD
                                                                and Spot Forex Terms, as appropriate.

           “Base Currency”                                      the currency we agree with you, when we open your Account (and if no
                                                                currency is agreed, then pounds sterling).

           “Business Day”                                       any day other than a Saturday, Sunday or English public holiday.

           “Call”                                               An Option contract giving the owner the right (but not the obligation) to
                                                                buy a specified amount of a specific instrument at a set price within a
                                                                specified time.

           “Cash”                                               the balance of your Account after all credits and debits have been
                                                                made (for example in respect of closed positions, but not open
                                                                positions).

           “CFD and Spot Forex Terms”                           our standard terms and conditions for cfd and Spot Forex trading as
                                                                amended and/or replaced; see clause 41. (We have three different
                                                                versions of these; the deposit version will apply unless your Account is
                                                                a standard credit account or premier account, in which case the
                                                                standard credit or standard premier terms will respectively apply).

           “Client”, “you” and “your”                           a person who has an Account with us.

           “Client Money Rules”                                 the provisions of the FSA’s Client Assets Sourcebook relating to client
                                                                money for firms carrying out MiFID business.

           “COBS”                                               the Conduct of Business Sourcebook of the FSA.

           “Corporate Action”                                   any of the following in relation to the issuer of a share/equity:-

                                                                x    reduction of share/equity capital, including any acquisition and/or
                                                                     cancellation of own shares/equities;


                                                                                                                                          th
interactive markets is a trading name of GFT Global Markets UK Ltd., Subsidiary of Global Futures & Forex, Ltd. Its registered office is 34 Floor
(CGC 34-03), 25 Canada Square, London, E14 5LQ . Registered in England and Wales, Company Number 5394757

Authorised and Regulated by FSA.
                                                                      interactive markets General Terms July 2010 Revision: 001
                                                                                                                                        Page 31 of 37
                                                               x     any rights scrip bonus capitalisation or other issue or offer of
                                                                     shares/equities of whatsoever nature or the issue of warrants
                                                                     options or the like giving rights to subscribe for shares/equity;

                                                               x     any amalgamation or reconstruction affecting the shares/equities
                                                                     concerned (including any sub-division, consolidation or re-
                                                                     classification);

                                                               x     any distribution of cash or shares (such as a dividend);

                                                               x     a take-over or merger offer;

                                                               x     any other event which in our opinion (acting reasonably) has a
                                                                     diluting or concentrating effect on the market value of the
                                                                     Underlying.

           “Credit Risk Level”                                  this will only apply to you if you have a standard credit or premier
                                                                Account. In that case, it will be a percentage calculated as follows:-.

                                                                x     (Total Equity divided by Variation Margin Credit Allocation)
                                                                      multiplied by 100.

            “Current Position”                                  the total of the following: -

                                                                x     Total Equity;

                                                                x     Less Margin Req.

           “Customer Services Team”                             our customer services team.


           “Dealing On-line”                                    trading or betting remotely with interactive markets via interactive
                                                                markets trader® ®, using any electronic means we from time to time
                                                                permit to connect to interactive markets trader® ®, such as your
                                                                computer, a PDA or any mobile electronic device and “Deal On-line”
                                                                shall be construed accordingly.

           “DPA”                                                the Data Protection Act 1998.

           “Event Outside
           Our Control”                                         any cause that prevents us performing and/or delays our performance
                                                                of any or all of our obligations under these Terms which arises from or
                                                                is attributable to acts events omissions or accidents beyond our
                                                                reasonable control including: -

                                                                      x        strikes, lock-outs or other industrial disputes, failure of a
                                                                               utility service or transport network, breakdown, failure or
                                                                               interruption of power supply or any electronic,
                                                                               communication, transmission or information system,
                                                                               accident, breakdown of equipment, plant or machinery, act of
                                                                               God, fire, flood, storm or default of sub-contractors or
                                                                               suppliers;

                                                                      x        war, civil war, armed conflict, terrorist attack, riot, civil
                                                                               commotion, malicious damage,          nuclear, chemical or
                                                                               biological contamination, sonic boom;

                                                                      x        failure or delay of any third party in the performance of its
                                                                               obligations to us;

                                                                      x        compliance with law and/or the Regulatory System;

                                                                      x        any that prevent us maintaining an orderly Market;

                                                                      x        an emergency or exceptional condition in relation to the
                                                                               Underlying;

                                                                      x        the abandonment or failure of any event upon which we
                                                                               base, or to which we may relate, interactive markets Prices,
                                                                               or the imposition of limits or special or unusual terms on any
                                                                               such event.


                                                                                                                                          th
interactive markets is a trading name of GFT Global Markets UK Ltd., Subsidiary of Global Futures & Forex, Ltd. Its registered office is 34 Floor
(CGC 34-03), 25 Canada Square, London, E14 5LQ . Registered in England and Wales, Company Number 5394757

Authorised and Regulated by FSA.
                                                                      interactive markets General Terms July 2010 Revision: 001
                                                                                                                                        Page 32 of 37
           “Eligible Counterparty”                              a person classified by us as an eligible counterparty under the rules of
                                                                the FSA.

           “Execution Policy”                                   our bet/trade and Order execution policy as amended and/or replaced;
                                                                see clause 41.

           “Floating P&L”                                       the total of all open positions on your Account, Marked to Market.

           “FSMA”                                               the Financial Services and Markets Act 2000.

           “the FSA”                                            the Financial Services Authority and any successor. The address of
                                                                the FSA current at the date of publication of these Terms is 25 The
                                                                North Colonnade, Canary Wharf, London E14 5HS.

           “General Terms”                                      these terms and conditions as amended and/or replaced; see clause
                                                                41.

           “GTC”
           or “Good Till Cancelled”                             see clause 15.3.

                                                                             th
            “Guaranteed Stop Loss Orders”                       see the 6 bullet point of clause 15.5.

           “IM Factor”                                          the percentage or multiplier specified by interactive markets                  (in its
                                                                absolute discretion) in relation to each Market.

           “In-The-Money”                                       A term that describes an option that has intrinsic value. A call option is
                                                                in the money if the price of the underlying instrument is above the strike
                                                                price. A put option is in the money if the price of the underlying
                                                                instrument is below the strike price.

           “Initial Margin”
           (also known as “Margin”)                             funds required by us in order for you to open (and maintain) a
                                                                bet/trade. For spread bets this is calculated in accordance with clause
                                                                3.2 of the Spread Terms. For cfd and Spot Forex trades this is
                                                                calculated in accordance with clause 3.2 of the CFD and Spot Forex
                                                                Terms.       Please note that on interactive markets trader®, “Initial
                                                                Margin” is referred to as “Margin”.

           “Initial Margin Credit Allocation”                   this will only apply to you if you have a standard credit or premier
                                                                Account. In that case, it will be as defined in clause 9.1 of the Spread
                                                                Terms or clause 11.1 of the CFD and Spot Forex Terms, as
                                                                appropriate. Please note that on interactive markets trader® , “Initial
                                                                Margin Credit Allocation” is referred to as “IMCA”.

           “interactive markets Buy Price”                      the higher of two prices set by interactive markets for the same Market.
                                                                This is sometimes referred to as a buy, ask or offer price.

           “interactive markets” “we” “us”                      see clause 53.1
           and “our”

           “interactive markets Quote”                          see clause 15.4.

           “interactive markets Price”                          the interactive markets Sell Price or the interactive markets Buy Price,
                                                                as the context requires.

           “interactive markets Sell Price”                     the lower of two prices set by interactive markets for the same Market.
                                                                This is sometimes referred to as a sell or bid price.

           “interactive markets trader®”                        the electronic dealing system we make available to you via the internet,
                                                                to facilitate spread betting, trading in cfds and/or Spot Forex, including
                                                                the systems known as interactive markets web® and interactive
                                                                markets mobile®.

           “Insolvency Event”                                   the occurrence of any of the following in relation to you: -

                                                                x     an order or resolution for winding up, dissolution, administration or
                                                                      bankruptcy; appointment of an administrator, receiver,
                                                                      administrative receiver, manager, liquidator or like officer;

                                                                x     an encumbrancer takes possession of or sells all or part of your
                                                                      business or assets;


                                                                                                                                          th
interactive markets is a trading name of GFT Global Markets UK Ltd., Subsidiary of Global Futures & Forex, Ltd. Its registered office is 34 Floor
(CGC 34-03), 25 Canada Square, London, E14 5LQ . Registered in England and Wales, Company Number 5394757

Authorised and Regulated by FSA.
                                                                      interactive markets General Terms July 2010 Revision: 001
                                                                                                                                        Page 33 of 37
                                                                x      any arrangement or composition with creditors or any application
                                                                       to Court for protection from creditors;

                                                                x      you are or become unable to pay your debts as they fall due;

                                                                x      anything analogous to the above under any jurisdiction.

                                                                In the case of a Client who is a partnership, if any of the above happen
                                                                to any partner (in that partnership), an Insolvency Event will be deemed
                                                                to have occurred in relation to that Client.
                                                                              st
           “Limit Order”                                        see the 1 bullet point of clause 15.5.

           “Manifest Error”                                    any manifest, obvious or palpable error or omission by us or any third
                                                               party. Examples include: wrong price (compared to prevailing prices in
                                                               the Market and/or Underlying), month, expiry date or Market; any error
                                                               or omission in any third party information such as an official result or
                                                               pronunciation.

           “Margin”                                            this means the same as Initial Margin, please refer to that definition.

           “Margin%”                                           this will only apply to you if you have a standard credit or premier
                                                               account. In that case, it will be a percentage calculated as follows: -

                                                               x       (Available Equity divided by Variation Margin Credit Allocation)
                                                                       multiplied by 100.

           “Margin Req”                                         the total of all Initial Margin in respect of all open positions on your
                                                                Account.

           “Marked to Market”                                   the value of an open position calculated at interactive markets ’ current
                                                                price.

           “Markets”                                            the markets from time to time made available by interactive markets for
                                                                spread betting, cfd trading and/or Spot Forex trading and “Market”
                                                                means any one of those markets.

           “Market Disruption Event”                            any of the following events:-

                                                                x      if a third party (e.g. an exchange) having power to do so exercises
                                                                       any of the following rights in relation to the Underlying: -

                                                                       o       cancellation of any trades;

                                                                       o       suspension, closure or limitation of trading (e.g. because price
                                                                               movements exceed permitted limits);

                                                                       o      imposition of limits or special or unusual terms on trading;

                                                                   x   an unusual movement in the level of, or the unusual loss of
                                                                       liquidity in respect of, the Underlying on which interactive markets
                                                                       Prices are based or our reasonable anticipation of the occurrence
                                                                       of the same;

                                                                   x   the occurrence of any other event which causes a material
                                                                       disruption in respect of the Underlying on which interactive
                                                                       markets Prices are based.

           “Market Information Sheets”                          in the case of spread bets, our spread bet market information sheets; in
                                                                the case of cfds and Spot Forex, our cfd and Spot Forex market
                                                                information sheets. In both cases these are as amended and/or
                                                                replaced in accordance with the Terms; see, for example, clause 41.
                                                                The      Market     Information     Sheets     are      available    on
                                                                www.interactivemarkets.co.uk.

           “NMS”                                                Normal Market Size as defined by the London Stock Exchange Plc
                                                                rules from time to time.
                                                                              rd
           “OCO Order”                                          see the 3 bullet point of clause 15.5.

           “Option”                                             An off exchange Option in respect of cfds, Spot Forex or Spread
                                                                betting

           “Order”                                              as defined in clause 15.1.
                                                                                                                                          th
interactive markets is a trading name of GFT Global Markets UK Ltd., Subsidiary of Global Futures & Forex, Ltd. Its registered office is 34 Floor
(CGC 34-03), 25 Canada Square, London, E14 5LQ . Registered in England and Wales, Company Number 5394757

Authorised and Regulated by FSA.
                                                                       interactive markets General Terms July 2010 Revision: 001
                                                                                                                                        Page 34 of 37
           “Our Quote”                                          see clause 15.4.
                                                                             th
           “Parent and Contingent Order”                        see the 4 bullet point of clause 15.5

           “Professional Client”                                a person classified by us as a professional client under the rules of the
                                                                FSA.

           “Put”                                                An Option contract giving the owner the right (but not the obligation) to
                                                                sell a specified amount of a specific instrument at a set price within a
                                                                specified
           time.

           “Regulatory System”                                  the arrangements for regulating interactive markets under FSMA,
                                                                including the rules of the FSA.

           “Retail Client”                                      a person classified by us as a retail client under the rules of the FSA.

           “Risk Level”                                         this will only apply to you if you have a deposit account. In that case it
                                                                will be a percentage calculated as follows: -

                                                                x     (Total Equity divided by Margin Req) multiplied by 100.

           “Risk Reversal”                                      a strategy whereby you buy (sell) a Call and sell (buy) a Put in the
                                                                same quantity and for the same expiration date.

           “Risk Warning Notice”                                a notice listing some of the risks involved in spread betting, Spot Forex
                                                                or cfd trading (as appropriate). There are separate notices for (a)
                                                                spread betting and (b) Spot Forex and cfd trading.
                                                                             th
           “Trailing Stop”                                      see the 5 bullet point of clause 15.5.
                                                                              th
           “Scale-Out Order”                                    see the 6 bullet point of clause 15.5.


           “Software”                                           our computer programs and/or the computer programs of our
                                                                Associated Companies and/or of our third party providers relating either
                                                                directly or indirectly to (1) interactive markets ® and/or (2)
                                                                www.interactivemarkets.co.uk.

           “Spot Forex”                                         Net Based Forex
                                                                Position Based Forex
                                                                Forex Options
                                                                Forex Forwards

           “Spread Terms”                                       our standard terms and conditions for spread betting as amended
                                                                and/or replaced; see clause 41. (We have three different versions of
                                                                these; the deposit version will apply unless your Account is a standard
                                                                credit account or premier account, in which case the standard credit or
                                                                standard premier terms will respectively apply).
                                                                              nd
           “Stop Order”                                         see the 2 bullet point of clause 15.5.

           “Straddle”                                           a strategy whereby you buy (sell) a Call and a Put with the same strike
                                                                price, in the same quantity and for the same expiration date.

           “Strangle”                                           a strategy whereby you buy (sell) an out of the money Call and an out
                                                                of the money Put with a similar delta, in the same quantity and for the
                                                                same expiration date.

           “the Terms”                                          the contract between you and interactive markets comprising the
                                                                following: -

                                                                x     for spread betting Accounts: the General Terms (including any
                                                                      specifications and rules referred to in clause 24.1), the Spread
                                                                      Terms and the Market Information Sheets for spread betting;

                                                                x     for cfd and Spot Forex Accounts: the General Terms (including
                                                                      any specifications and rules referred to in clause 24.1), the CFD
                                                                      and Spot Forex Terms and the Market Information Sheets for cfd
                                                                      and Spot Forex trading.

           “Total Equity”                                       as defined in clause 9.1 of the Spread Terms or clause 11.1 of the CFD
                                                                and Spot Forex Terms, as appropriate.
                                                                                                                                          th
interactive markets is a trading name of GFT Global Markets UK Ltd., Subsidiary of Global Futures & Forex, Ltd. Its registered office is 34 Floor
(CGC 34-03), 25 Canada Square, London, E14 5LQ . Registered in England and Wales, Company Number 5394757

Authorised and Regulated by FSA.
                                                                      interactive markets General Terms July 2010 Revision: 001
                                                                                                                                        Page 35 of 37
           “Underlying”                                         the underlying market on which our Market is based.

           “Unrealised P&L”                                     this only applies in relation to net based Spot Forex transactions you
                                                                effect with your Account. Your “Unrealised P&L” is the profit or loss on
                                                                a closed net based Spot Forex transaction that has not been reflected
                                                                in your Cash (for your information in the case of a net based Spot
                                                                Forex transaction the profit or loss on a closed position will not be
                                                                                                  nd
                                                                reflected in your Cash until the 2 day after the trade has been closed,
                                                                excluding the day on which it was closed).

           “Variation Margin”                                   in the case of a spread betting Account, as defined in clause 8.3 of the
                                                                Spread Terms; in the case of a cfd or Spot Forex Account, as defined
                                                                in clause 9.3 of the CFD and Spot Forex Terms. Do not confuse
                                                                Variation Margin with Initial Margin or Margin.

           “Variation Margin Call”                              a request for payment of Variation Margin as referred to in clauses 8.8
                                                                and 8.9 of the Spread Terms or clauses 9.8 and 9.9 of the CFD and
                                                                Spot Forex Terms, as appropriate.

           “Variation Margin Credit Allocation”                 this will only apply to you if you have a standard credit or premier
                                                                Account. In that case, it will be as defined in clause 9.1 of the Spread
                                                                Terms or clause 11.1 of the CFD and Spot Forex Terms. as
                                                                appropriate. Please note that on interactive markets trader ® “Variation
                                                                Margin Credit Allocation” is shown as “VMCA”.

           “Vertical”                                           a strategy whereby you sell (buy) a high strike Put (Call) and Buy (sell)
                                                                a low strike Put (Call) in the same quantity and for the same expiration
                                                                date.

           “www.interactivemarkets.co.uk”                       our website for use by Clients, currently www.interactivemarkets.co.uk .

           “Your Data”                                          any information about and/or that relates to you and/or your Account
                                                                with us including any provided by you or a third party (such as a joint
                                                                account holder, introducing broker, credit reference or fraud prevention
                                                                agency and other providers of spread, cfd and/or Spot Forex services)
                                                                and any that relates to the way you use or manage your Account
                                                                including information as to late payments and payments made.

51.2       When construing these Terms (and subject to the context): -

           x     ignore clause headings; they are for convenience only;

           x     words in the singular include the plural and vice versa; use of any gender includes the other genders;

           x     any reference to “persons” includes natural persons, firms, partnerships, companies, corporations, associations,
                 organisations, governments, states, foundations and trusts (in each case whether or not having separate legal
                 personality);

           x     any reference to a statute, the Regulatory System or any subordinate legislation refers to it as amended,
                 replaced and in force from time to time;

           x     if we use the expression “including”, “include”, “in particular”, “for example” or the letters “e.g.” or anything
                 similar, that means that the words following are given by way of example only and do not limit words preceding
                 those expressions;

           x     “bet” and “trade” (and analogous expressions) include references to opening or closing a position, placing or
                 cancelling an Order and the execution of an Order;

           x     when we refer to giving you “written” notice, that notice may be given on paper and by any electronic means,
                 including by e-mail, by publication on www.interactivemarkets.co.uk or by sending it via interactive markets
                 trader®;

           x     unless otherwise stated, all times stated refer to UK time;

           x     unless otherwise stated a reference to a clause is to a clause reference in the General Terms.

51.3       In the case of any conflict between the documents that constitute the Terms, the following shall be the Order of
           priority:-

           x     for cfd and Spot Forex trades: first the CFD and Spot Forex Terms, then the General Terms and then the Market
                 Information Sheets;

                                                                                                                                          th
interactive markets is a trading name of GFT Global Markets UK Ltd., Subsidiary of Global Futures & Forex, Ltd. Its registered office is 34 Floor
(CGC 34-03), 25 Canada Square, London, E14 5LQ . Registered in England and Wales, Company Number 5394757

Authorised and Regulated by FSA.
                                                                      interactive markets General Terms July 2010 Revision: 001
                                                                                                                                        Page 36 of 37
           x     for spread bets: first the Spread Terms, then the General Terms and then the Market Information Sheets.

52.        Law and Jurisdiction

52.1       Our relations prior to the establishment of any contract between us, all bets/tr ades and these Terms shall be
           governed by and construed in accordance with the laws of England.

52.2       Except for the right of interactive markets below, the courts of the United Kingdom will have exclusive jurisdiction over
           any claim or matter arising under or in connection with these Terms and the legal relationships established by these
           Terms. Nothing in this clause shall limit the right of interactive markets to take proceedings against the Client in any
           other court of competent jurisdiction, nor shall the taking of proceedings in any one or more jurisdictions preclude the
           taking of proceedings in any other jurisdictions, whether concurrently or not, to the extent permitted by the law of
           such other jurisdictions.

52.3       You irrevocably consent to any process in any legal action or proceedings arising out of or in connection with these
           Terms being served on you by post in accordance with clause 42. Nothing in these Terms will affect the right of
           either party to serve process in any other manner permitted by law.

53.        Regulation of interactive markets

53.1       interactive markets is a trading name of GFT Global Markets UK Ltd., Subsidiary of Global Futures & Forex, Ltd. GFT
           Global Markets UK Ltd’s main business is the provision of Spot Forex, spread betting and cfd products and services.
                                      th
           Its registered office is 34 Floor (CGC 34-03), 25 Canada Square, London, E14 5LQ and its registered number is
           5394757. GFT Global Markets is registered on the FSA’s register of authorised persons under number 438879.

53.2       GFT Global Markets UK Ltd. is authorised and regulated by the Financial Services Authority.




                                                                                                                                          th
interactive markets is a trading name of GFT Global Markets UK Ltd., Subsidiary of Global Futures & Forex, Ltd. Its registered office is 34 Floor
(CGC 34-03), 25 Canada Square, London, E14 5LQ . Registered in England and Wales, Company Number 5394757

Authorised and Regulated by FSA.
                                                                      interactive markets General Terms July 2010 Revision: 001
                                                                                                                                        Page 37 of 37

				
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